Carbon Price
Renewable Energy
Energy Efficiency
Land UseHelping households
Over half the money raised from the carbon price will be used to assist households.
Financing clean technologies
Questions Answered
Q. What is the Australian Renewable Energy Agency (ARENA)?
A.
Australian Renewable Energy Agency (ARENA), commencing operations on 1 July, will incorporate measures currently managed by the Australian Solar Institute, the Australian Centre for Renewable Energy, and the Department of Resources, Energy and Tourism. Under ARENA, funding will be invested in renewable energy and enabling technology projects between now and 2020.
Find more questions about: Business , General , Renewable Energy
Q. We are a regular Australian family—how will we be supported?
A.
A family earning an income of around $100,000 who has two teenagers is expected to face an average cost of living impact of $653 per year. This family will receive assistance of about $679 per year made up of approximately $73 extra in payments and $606 in tax cuts, which means they are $26 better off.
Find more questions about: General , Household / Family
Mechanisms overseas
Other nations are embracing the opportunities to transition to a clean energy future. The Conservative United Kingdom (UK) Government has committed to establishing a Green Investment Bank to address barriers which are constraining the flow of finance to clean technologies.
The bank will open in April 2012, making the UK the first country in the world to create a bank exclusively dedicated to green investments. There will be an initial Government commitment of £3 billion (A$4.5 billion) anticipated to mobilise £15 billion in private investment by 2014-15.
The United States Department of Energy Loan Programs Office has committed nearly $US35 billion (A$32.7 billion) to support 37 clean energy projects.
Clean Energy Finance Corporation
The Government will invest $10 billion in a new commercially oriented Clean Energy Finance Corporation (CFEC).
The CEFC will leverage private sector financing for renewable energy and clean technology projects, investments critical to the transformation of the Australian economy. It will identify projects and remove barriers that would otherwise prevent the financing of large scale renewable energy projects.
The necessary transformation of our energy sector will require the investment of $100 billion in renewable energy over the period to 2050. Additional investments will be required in energy efficiency and in new manufacturing technologies. The Government can play an important role in facilitating and coordinating investment in technologies that financial institutions may not be familiar with.
Accordingly, the Government will invest $10 billion in the CEFC, with its mandate including:
- the commercialisation and deployment of renewable energy and enabling technologies
- the commercialisation and deployment of energy efficiency and low emissions technologies
- the transformation of existing manufacturing businesses to re-focus on making the inputs for these sectors.
The CEFC will play a vital role in unlocking significant new private investment into clean energy projects and the supply chain that feeds into these projects.
It will be independent from Government and be run by a Board of experts in banking, investment management and clean energy and low emissions technologies. Investment decisions will be based on rigorous case-by-case analysis of candidate projects at arm’s length from Government. The fund once mature is expected to be self sustaining.
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Helping business
From small business to large industry, businesses will be assisted in transitioning to a clean energy future.
