$5bn for clean energy initiative Australia 2020

Cleantech Australia

"We will roll out the most substantial renewable energy plan this country has seen,"

Treasurer Wayne Swan said in his budget speech today. "This government accepts

the science of climate change and the need for combined global and domestic action."

Renewables Fund now $588 million

Swan said the so-called Renewable Energy Future Fund would be part of an expanded

A$5.1 billion clean-energy initiative. The government retained a plan to have 20 percent

of Australia’s energy needs met from sources such as solar, wind and geothermal heat

by 2020. Australia will spend now $588 million / A$652 million in a first step

on a fund to develop renewable energy

after shelving its carbon-trading plan earlier

Clean target Macarthur wind farm

Australia’s largest electricity retailer AGL Energy Ltd. may develop projects such

as the proposed A$800 million Macarthur wind farm "much sooner rather than later,"

the company said after Climate Change Minister Penny Wong reiterated support for

the renewable energy target six weeks ago.

source: bloomberg.com