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A defining policy of the Gillard Government is its clean energy program — the biggest in Australia’s history and a part of which is the controversial carbon tax. But you got to give credit where it’s due: her Labor government seems terribly earnest about being the change it seeks.
Today, Greg Combet, the Minister for Climate Change and Energy Efficiency, Industry and Innovation, rolled out the billion-dollar program to help Australian manufacturers begin shaping the new energy landscape via improved energy efficiency standards and lower pollution levels.
The funding consists of two parts — the $800 million Clean Technology Investment Program and the $200 million Clean Technology Food and Foundries Investment Program. Both form part of the government’s Clean Energy Future package.
The programs will hand out grants to help manufacturers buy new, more energy-efficient and/or less polluting plant and equipment, besides supporting jobs.
The Australian government’s Clean Energy Future plan, unveiled last July, aims to deliver transitional aid to businesses and industry including through the $8.6 billion Jobs and Competitiveness Program, the $1.2 billion Clean Technology Program, the $300 million Steel Transformation Plan and the $1.3 billion Coal Sector Jobs Package.
Australia also plans to invest over $13 billion in clean energy projects. It also has launched a $200 million Renewable Energy Venture Capital Fund in order to tap private sector initiatives. Half this investment comes from Softbank China Venture Capital, an arm of Japan’s Softbank. The fund forms part of the Australian government’s $3.2 billion Australian Renewable Energy Agency and will be managed by Southern Cross Venture Partners.
Enhanced government funding
The measures are part of the initiatives to offset the deleterious effect of the carbon tax on Australian industry as the country aims to cut emissions by 5% (from year 2000 levels) in 2020, and lower emissions by a whopping 80% by 2050. The controversial carbon tax, under which the country’s 500 biggest polluters will pay A$23 per tonne of carbon emissions, becomes effective in July. In 2015, the price for pollution will switch to a market-regulated trading system.
Combet also announced changes in the co-contribution requirements, a bid to make the grant programs more attractive to small- and medium-sized firms. The changes include dollar-for-dollar funding for manufacturers with turnovers of less than $100 million and seeking less than $500,000. For grants under $10 million, applicants will need to contribute $2 for every $1 from the government; and for grants of $10 million or more, applicants will need to put in $3 for each $1 of government support.
Even though manufacturers can already apply for funding under the programs, the government plans to hold information sessions around Australia, starting next month, in order to spread awareness and utilisation.
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