I am pleased to release today the industry Biofuels Action Plan which will underpin the future for a sustainable biofuels industry in Australia.
I welcome the aggregated industry projections in the Biofuels Action Plan that show industry expects to not only meet but exceed the Government's biofuels target of 350 megalitres (ML) by 2010.
Following a very positive meeting with oil majors in September, today's release of the Biofuels Action Plan demonstrates a significant step forward and a strong vote of confidence in the industry.
The collective company action plans submitted by major oil companies, members of the Independent Petroleum Group and major retailers reveal a major commitment to Australia's biofuels industry.
The Australian Government will monitor and review progress towards these targets on a six-monthly basis and the industry players have committed to annually update their company action plans.
Much progress has already been made. For example, there are now over 400 service stations Australia-wide selling ethanol and biodiesel blends thanks to rollouts by BP, Caltex, Shell, Coles Express, United, Australian Farmers Fuel, Neumann Petroleum and Freedom Fuels.
The Government has led by example to encourage drivers in its vehicle fleet to use ethanol blends where available. My Government has removed barriers to the uptake of ethanol blends and will monitor the uptake across its vehicle fleet.
New investments are occurring in the biofuel supply industry involving both established and new players. Car manufacturers and motoring organisations are supporting Australia's biofuels industry.
Consumer confidence, reliable supplies, competitive prices and removal of market barriers remain critical to achieving the biofuels target.
Oil majors, the Independent Petroleum Group, petrol retailers, vehicle manufacturers, motoring and consumer groups will continue to play an important role in restoring consumer confidence and building a sustainable future for Australian biofuels.
I commend all these players for their constructive efforts to date. I particularly congratulate the oil majors, members of the Independent Petroleum Group and major retailers for the work on, and commitment to, the Biofuels Action Plan. I look forward to the continued partnership between the Government and industry to support a promising future for the Australian biofuels market.
A copy of the Biofuels Action Plan is attached.