NEW CLEAN TECH FUND A WELCOME STEP TOWARDS A CLEAN ENERGY FUTURE, BUT BIGGER STEPS NEEDED

WWF-Australia has welcomed today’s announcement by the Australian Government to maintain the Clean Energy Finance Corporation (CEFC) and the Australian Renewable Energy Agency (ARENA), and to introduce a new Clean Energy Innovation Fund (CEIF).  

The new $1 billion CEIF will be financed with existing funding from CEFC over the next 10 years and will provide loans and equity to clean energy projects. ARENA will eventually move away from providing capital grants to sit under the CEIF. 

“The commitment to keep the Clean Energy Finance Corporation and for the time being the Australian Renewable Energy Agency, which was previously under threat, is good news and will go some way to thawing the investment freeze in renewable energy in Australia over the last eighteen months,” said Kellie Caught, WWF-Australia Climate Change National Manager.

“Last year we saw jobs and investment in Australia’s renewable energy market go backwards at the same time that global renewable energy investment continued to accelerate."

“The new fund can play an important role alongside of the Renewable Energy Agency and the Clean Energy Finance Corporation to deliver home-grown clean tech solutions and job opportunities as part of the transition to a 100 per cent renewable energy future in Australia.”

Bigger steps needed

WWF urged the Government to now go the next step by committing to 100 per cent renewable energy, a mechanism to close coal-fired power stations, and an end to fossil fuel handouts that prop up dirty energy.

“With the right plan and incentives, Australia could be powered by cleaner, cheaper renewable energy in 20 years, driving sustainable jobs and billions of dollars in investments along the way, which is a very exciting prospect for Australia,” Ms Caught said.

“To achieve this, we need to level the playing field. Each year billions of dollars of taxpayers money is spent increasing the production and use of coal, oil and gas. This money would be better spent accelerating Australia’s clean renewable energy sector and should be a priority for the May budget.”

WWF-Australia Media Contact: Daniel Rockett, National Media Manager, 0432 206 592