I welcome the announcement made by the Australian COAL Association to establish the COAL21 Fund of up to $300 million over the next five years to develop clean technology in the Australian black coal industry.
The COAL21 Fund is a significant investment and a world leading initiative demonstrating the Australian coal industry's leadership and commitment to reducing greenhouse emissions while maintaining a secure, reliable and affordable energy supply.
The announcement by the Australian COAL Association complements the Government's commitment to national prosperity, security and sustainability as announced in the Australian Government's Energy White Paper Securing Australia's Energy Future.
The Australian Government has committed over $1.8 billion to address climate change - including $500 million in a Low Emissions Technology Development (LETD) Fund. The COAL21 Fund is consistent with the philosophy underpinning the LETD Fund to leverage more than $1 billion in private investment to develop and demonstrate low emission technologies.
The COAL21 Fund also builds on the achievements of the inaugural meeting of the Asia-Pacific Partnership on Clean Development and Climate held in Sydney in January this year and the Australian Government's $100 million investment announced at that meeting to deliver practical outcomes for clean development projects, capacity building activities and our ongoing role in the Partnership.
I am pleased to note that, as part of this initiative, the Australian COAL Association will examine the synergies between coal and renewable energy technologies. The Australian Government recognises that both traditional and renewable energy resources have a role to play in delivering reliable, competitively-priced energy.
I compliment the Australian COAL Association and its members on this initiative and I encourage other industry sectors and companies to follow their lead.