Australia’s Renewable Energy fund to support wind farms, solar projects

The Emissions Trading Scheme (ETS) may have been shelved, but the Australian government is trying a new tack on climate change–spending money on renewable energy and energy efficiency. The ETS back flip saved the budget A$652 million (US$599.09 million) and the money has been recycled into a new green fund. The Renewable Energy Future Fund will provide cash for projects like wind farms, solar panels and “hot rocks” geothermal plants. The government wants to leverage private capital and will be looking for companies to sign up to form partnerships. The new green fund will also be used to improve energy efficiency by households and industry. (May 12, 2010)