The Minister for Resources and Energy, Martin Ferguson AM MP today welcomed the passage of legislation through the Australian Senate, with the support of the Coalition, to give effect to the Australian Government's 2009/10 Budget announcement to create the Australian Centre for Renewable Energy (ACRE).
ACRE is part of the Rudd Government's $4.5 billion Clean Energy Initiative and draws together more than $560 million of renewable energy investment to develop and deploy renewable energy.
Minister Ferguson said: "Today is very significant for Australia's renewable energy sector.
We can now get on with the job of driving down the cost of renewable energy technologies in Australia and increasing their deployment."
Minister Ferguson announced the creation of ACRE and the appointment of an interim Board in October 2009. The sole task of the interim Board was to advise Government on the most prospective solar applications received under the original Renewable Energy Demonstration Program (REDP) as promised at the time of the 2009/10 Budget announcement.
"I am pleased to say that my Department is now in the process of finalising recommendations to me in this regard."
The ACRE legislation passed today will enable the appointment of the ACRE Chief Executive Officer and permanent Board, with their first task being to begin work on a funding strategy to direct ACRE's unallocated funds.
- ACRE will be a one-stop shop for Australian renewable energy businesses and will consolidate the:
- $235 million Renewable Energy Demonstration Program (REDP);
- $15 million Second Generation Biofuels Research and Development Program;
- $50 million Geothermal Drilling Program;
- $20 million Advanced Electricity Storage Technologies Program;
- $14 million Wind Energy Forecasting Capability Program;
- $18 million Renewable Energy Equity Fund; and
- More than $200 million for other initiatives, including funding for Solar REDP projects
Minister Ferguson said: "ACRE is an important component in the Government's $4.5 billion Clean Energy Initiative and complements the expanded Renewable Energy Target in accelerating the development and deployment of renewable energy in Australia and driving down costs.
"It is unfortunate that the Senate will not also join with the Government to pass CPRS legislation to put a price on carbon and provide a further incentive for renewable energy developers and investors."