The Australian Government has launched A$1bn ($762m) Clean Energy Innovation Fund (CEIF) to invest in clean and renewable technologies for commercial deployment.
Expected to create jobs, the fund will be jointly managed by the Clean Energy Finance (CEFC) and the Australian Renewable Energy Agency (ARENA).
CEFC CEO Oliver Yates said: "The creation of the CEIF will help innovative entrepreneurial companies build their commercial strength, so they can make a positive contribution to the Australian economy and our national emissions challenge.
"The CEFC is a flexible policy tool. The CEFC is pleased to be able to assist Government in supporting complementary initiatives and policies through Investment Mandates that are consistent with the CEFC Act."
The Clean Energy Innovation Fund will target projects including large-scale solar with storage, off-shore energy, biofuels and smart grids.
Established from within the CEFC’s $10bn allocation, the fund is expected to help in country’s aim to reduce emissions by 26% to 28% by 2030.
The fund will invest $100m per year for ten years starting in July 2016 in clean energy technologies including renewable energy, energy efficiency and low emissions technologies.
Using collective experience and stakeholder relationships, the CEFC and ARENA will identify projects and businesses eligible for the funding.
Australian Prime Minister Malcolm Turnbull said: "We are promoting innovation and new economic opportunities, enhancing our productivity, protecting our environment and reducing emissions to tackle climate change."
CEFC said that the fund will focus on companies, businesses and projects which are under early development stages and seeking capital to enter next stage of their development.
Image: The Australian Government aims to reduce carbon emissions by 26 to 28% by 2030. Photo: courtesy of graur codrin/ FreeDigitalPhotos.net.