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Minister for the Environment, Water, Heritage and the Arts 2001-2004

The Hon Dr David Kemp, MP

 

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Joint Media Release
Federal Minister for the Environment and Heritage
Dr David Kemp
&
Federal Minister Industry, Tourism and Resources
Ian Macfarlane

15 June 2004

$500 million low-emission technology fund


A centrepiece of the Energy White Paper, announced by the Prime Minister today, is a $500 million fund to stimulate greater investment in demonstrating low-emission technologies across the full spectrum of energy sources.

"This initiative is expected to drive total investment of more than $1.5 billion in low-emission technologies ranging from renewable energies to the more conventional fuel sources," said Industry Minister Ian Macfarlane.

All energy technologies will potentially be eligible for assistance over a 15 year period to demonstrate commercial viability. The key eligibility criterion is an ability to deliver significant greenhouse abatement with commercial uptake in the long-term.

Technologies may include renewable and fossil-fuel supply technologies as well as energy efficiency, and can be for either stationary or transport energy.

Some of the technologies the government considers could be eligible under the fund include hot dry rocks, large-scale solar concentrators, coal-fired generation with geosequestration, effective traffic management systems and more energy-efficient manufacturing technologies.

"This fund is part of the government's long-term strategy to address Australia's greenhouse emissions, and is aimed at increasing the availability of low cost abatement options," said Environment Minister, Dr David Kemp.

"This investment partnership in a greener Australian future heralds a new approach to driving greater development and commercialisation of low-emission technology at lower cost," said Mr Macfarlane.

"Our objective is to develop the practical technologies that will meet consumer and industry needs for energy at reasonable and competitive prices, while dramatically reducing emissions. This plan is good for industry, jobs, consumers and the environment," he said.

The fund complements other low-emission technology initiatives in the Energy White Paper and announced in the 2004-05 budget. These include:

"The Howard Government is looking beyond Kyoto in a practical manner that makes the fossil fuel and renewable energy industries strategic partners in the way forward," said Dr Kemp.

"The approach in the White Paper addresses our environmental and energy needs for the 21st Century", he said.

White Paper details are available at www.pmc.gov.au/energy_future

Commonwealth of Australia