We're all affected in some way by climate change.
We must respond on a number of fronts. There is no one single solution that will reduce greenhouse gas emissions over the years ahead.
A major part of the Government's policy on climate change is to accelerate the development of new technologies which reduce greenhouse gas emissions from the use of fossil fuels.
This is very important to Australia. Our country is the largest coal exporter in the world. We have an abundance of fossil fuels. It is therefore in our interests to find ways in which these fuels can be used with lower emissions.
The Government has established a special $500 million fund to be used in partnership with companies and state governments to invest in new technologies designed to produce cleaner fossil energy and also renewable energy.
Starting this week, the Government will announce the first projects to be supported out of this fund. The total Commonwealth investment in these projects will be at least $230 million. The total investment to be leveraged will be close to $2 billion. They will be located in three different states.
There will be support for exciting new technologies, including those designed to ensure that the use of our abundant fossil fuel reserves will in the future occur in a cleaner, greener fashion, thus reducing the process of climate change.
This new expenditure by the Federal Government is part of our $2 billion commitment to a range of initiatives designed to reduce climate change.
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