Australia to set up a $762 million clean energy fund

• 8 years ago (2016-03-23)

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According to Turnbull, the new fund will focus on investing in high-tech clean energy technologies. He said: "What [the fund] is going to do is every year invest $75.7 million in the smartest, most cutting edge Australian clean-energy technologies and businesses”

Abbott had previously tried to scrap Australia’s Clean Energy Finance Corporation and the Australian Renewable Energy Agency, but Turnbull also announced that both of these would remain.

Australia remains one of the largest carbon emitters on a per capita basis due to an over-reliance on coal-fired power plants. In order to catch up with the ambitious targets set by the US and EU, Environment Minister Greg Hunt said: "This [fund] will be investing in storage, in new battery technology, in smart grids, in some of the exciting solar visions that people have hoped for and imagined for Australia but which are only now really becoming reality."

Previously Turnbull – who has progressive views on climate change – has drawn criticism from not moving more swiftly to strengthen Australia’s response to climate change.