Far from cutting funding, as some have claimed, the 2011-12 Budget confirmed the Government’s support for renewable energy.
The Budget delivers on the Government’s election commitments to establish a Renewable Energy Venture Capital Fund and fund an Emerging Renewables Program.
The Budget does not cut funding from any of the renewable energy programs within the Resources and Energy portfolio.
“It would appear that in reading the Budget papers some have - wilfully or otherwise - failed to understand the difference between a cut to funding and a simple change in the timeframes for expenditure of funds,” said the Minster for Resources and Energy, Martin Ferguson AM MP.
“So let’s be very clear.
“There has been no reduction in funding for the Government’s Solar Flagships Program – it remains a $1.5 billion program with $1.15 billion available to be spent up to 30 June 2015 and a further $370 million is available beyond 30 June 2015.
“Connecting Renewables remains a $1 billion program with $100 million available to be spent up to 30 June 2015 and a further $900 million available beyond 30 June 2015.
“The Budget provides funding of $40 million for the Emerging Renewables program, as well as directing an additional $60 million in existing funds to bring the total program value to $100 million available to 30 June 2015.
“It also provides $100 million in funding for the Renewable Energy Venture Capital Fund with $60 million to be spent up to 30 June 2015 and a further $40 million is available beyond 30 June 2015 out to 30 June 2024.
“The only program to have its funding reduced in the Budget is in clean energy from the Carbon Capture and Storage Flagships Program – but again the reduction in funds is much less the Greens would have the community believe.
“The Budget reduces total funding to this program by $190 million – a fraction of its total value which remains over $1.8 billion.
“It is time to end the campaign of misinformation and recognise that despite significant economic challenges and fiscal pressures we are doing more to promote renewable energy than any other Government in Australia’s history.”