The Government of Australia is establishing an A$1bn fund for innovation in clean and renewable energy.
The Clean Energy Finance Corporation (CEFC) and the Australian Renewable Energy Agency (ARENA) will jointly manage the fund, which will target projects like large-scale solar with storage, off-shore energy, biofuels and smart grids.
The government said it will retain and reinvigorate the CEFC and the ARENA as part of its commitment to support jobs and innovation via investment in clean and renewable energy in Australia.
The agencies will work together to offer capital investment in Australian businesses and emerging clean energy technologies.
Australia Prime Minister Malcolm Bligh Turnbull said: "We are promoting innovation and new economic opportunities, enhancing our productivity, protecting our environment and reducing emissions to tackle climate change.
"By offering innovative equity and debt products, the Clean Energy Innovation Fund can accelerate the availability of new technologies to transform the energy market, and deliver better value for taxpayers."
The fund will be established from within the CEFC’s $10bn allocation. It will make available $100m per year for ten years.
The government is planning to reduce Australia’s emissions by 26% to 28% by 2030.
ARENA will continue to manage its existing portfolio of grants and provide the announced $100 m large-scale solar round.
It will be given an expanded focus apart from renewable energy to allow energy efficiency and low emissions technology.
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