The Australian Government will commit A$653 million over four years to establish a Renewable Energy Future Fund.
The Fund will support the development and deployment of large- and small-scale renewable energy projects, such as investments in geothermal, solar and wave energy.
It will also enhance take-up of industrial, commercial and residential energy efficiency.
The Fund will include partnerships between Government and the private sector to make critical early stage investments to leverage private funds to support the commercialisation of renewable energy technologies.
It is part of the Government's expanded A$5.1 billion Clean Energy Initiative, which includes the A$1.5bn Solar Flagships Program announced in last year's budget. It will complement the existing support provided through the Government's expanded Renewable Energy Target of 20% by 2020.
This additional funding boosts the Federal Government's total investments in renewable and clean energy and energy efficiency to A$10bn. The cost of the Fund will be offset by funding resulting from the deferral of the Carbon Pollution Reduction Scheme, as well as some existing departmental funding from within the Climate Change and Energy Efficiency portfolio.