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Australia : Building on billion dollar investment in renewable energy
Publish Date : 23-Jun-2014
The Government will oversee more than a billion dollars of investment in renewable energy in Australia, as part of a long-term strategy to ensure Australia's energy security and broad energy mix.
This morning Minister for Industry Ian Macfarlane introduced legislation to bring the functions of the Australian Renewable Energy Agency (ARENA) into the Department of Industry. The Government is focused on achieving outcomes from the more than 180 projects which are being supported by more than $1 billion in taxpayers' funds, to see tangible results in renewable energy technologies.
"This Government supports the energy and resources sector. It is one our economy’s most significant drivers of jobs, private sector investment and national revenue," Mr Macfarlane said.
"We recognise and value the sector's depth and its diversity. Renewable energy plays an important role in this energy mix, along with traditional energy sources such as coal, which has powered our economy and our society for decades, and our rich gas reserves which supply domestic power and make Australia an energy exporting superpower."
"Through ARENA, Australian taxpayers have invested $1 billion dollars in a suite of renewable energy projects, which has also attracted another $1.8 billion in private investment. The investments have been made in almost 200 projects across all stages of the innovation chain – from research in the laboratory to large scale technology demonstration projects.
"The Government is keen to see outcomes from these investments."
"We will be ensuring they are well managed, meeting their contracted milestones and contributing to the advancement of an industry that has seen considerable Government and customer funded investment in recent years."
