I'm announcing today that the Government will bring forward the full amount of our Renewable Energy Fund - the full half billion dollars - for investment in the next 18 months.
$100 million will be available to be spent in 2008-09, and $400 million will be available in 2009-10, subject only to availability of suitable demonstration projects.
The Fund was established to help to reduce the cost of demonstrating and deploying key energy technologies that may play a critical role in energy supply and security over the next few decades.
The Renewable Energy Fund includes the Renewable Energy Demonstration Program, the $15 million Second Generation (Gen2) Biofuels Research and Development Program and the $50 million Geothermal Drilling Program.
Bringing forward this funding will:
* Turbo charge investment in solar and renewable energy projects
* complement the Carbon Pollution Reduction Scheme
* stimulate the economy, and
* create low pollution jobs of the future.
The Government believes the time has come to prepare a solar revolution, and renewables revolution, for Australia's future.
It's good for jobs and good for our low pollution future.
Applications for funding through the Geothermal Drilling Program close on 5 January 2009 and applications for funding through the Second Generation Biofuels Research and Development Program close on 30 January 2009.
We will be releasing the guidelines for applications to the Renewable Energy Demonstration Program early in the new year.