**Check against delivery
Thank you to the Academy for giving me the opportunity to launch this very important report.
It is an honour to be here at the Academy, a body established to "promote in Australia the application of scientific and engineering knowledge to practical purposes".
Nowhere will this knowledge be more significant than in the development of a low carbon future for Australia.
The challenge for the Government is to provide policy and programs with a long-term vision.
Australia is doing just that: forging ahead with reforms that will re-shape our energy profile and prepare our infrastructure for a new global energy reality, driven by climate change and the need to move towards a low-pollution economy.
Australia is signalling to the world that reducing greenhouse gas emissions can, and will, be done in a way that is consistent with continuing economic growth.
To do this we need investment in new technologies, investment in new energy networks, and engagement in international processes and agreements.
The Carbon Pollution Reduction Scheme White Paper sets the Government's long-term goal of reducing emissions by 60 per cent below 2000 levels by 2050.
The ATSE report projects that around $250 billion is needed to achieve this.
We know there are many variables to consider in putting together such a long-term projection, but this estimate gives us a clue as to the magnitude of the challenge we face.
Whatever the final cost, we know that the investment will be shared - between government and industry.
I can report that major investment in new energy innovation is already underway in a wide variety of clean technologies.
The Government has committed to increase the national Renewable Energy Target from 9,500 gigawatt hours to 45,000 gigawatt hours by 2020.
But there's no point in creating a market for these energy sources if they cannot supply the energy.
That's why the Australian Government is supporting projects worth more than $2.4 billion, including a major CCS demonstration project in the Otways, here in Victoria.
The Government is creating and funding to the tune of $100 million a year, the Global Carbon Capture and Storage Institute.
Along with the development of renewable energy sources and the improvement of energy efficiency, the capture and storage of CO2 from fossil fuels is essential if we are to quickly and effectively reduce CO2 emissions.
The Global Carbon Capture and Storage Institute will accelerate the development of CCS technology and pave the way for its commercial deployment across the world through the next decade.
Despite the urgency to develop baseload renewable and clean energy, for the foreseeable future and beyond, coal will remain the world's dominant energy source.
But we are working on alternatives.
In solar, the world's largest solar PV concentrator is being built near Mildura, to produce 154 megawatts of power.
The project is on track for a 2013 completion.
We have also responded to the promise of geothermal energy by providing $50 million for drilling and geothermal pilot projects.
This is in addition to the $435 million Renewable Energy Demonstration Program intended to establish a portfolio of large scale projects demonstrating new renewable energy technologies.
Demand for these energy sources will rise - as will other renewable energies such as wind.
ATSE supports these measures and I appreciate such esteemed endorsement.
However, we are not in total agreement.
Nuclear power is one of the power generation options put forward for Australia in the ATSE report.
The Australian Government is committed to meeting our greenhouse gas reductions targets without recourse to nuclear power.
It is the Government's view that nuclear power is not needed as part of Australia's energy mix given our country's abundance and diversity of low cost and reliable energy sources, both fossil fuel and renewable.
The Government has a clear policy of prohibiting the development of an Australian nuclear power industry.
But the Government also understands that nuclear power is an important part of the energy mix in some countries where energy demand is growing strongly but which lack the abundant and diverse energy resources available to Australians.
Of course, the Government is strongly committed the further development and expansion of Australia's uranium industry, in order to support the use of nuclear power in these countries.
Australia possesses the world's largest known supply of uranium and Australia is presently the world's second-largest exporter of uranium.
There are very significant potential economic and global greenhouse gas emission abatement benefits from increased Australian uranium supply.
We believe that a suite of appropriate measures will help create the environment in which the necessary investment can be made.
Creating and promoting renewable and clean energy supply, along with the demand for these energy sources, will go a long way to promoting investment.
But there are other challenges.
As the ATSE Report highlights, new power generation technology will require development of new infrastructure, and we are addressing this.
As Minister for Resources and Energy and Chair of the Ministerial Council on Energy, I can assure you week are pursuing reforms designed to promote infrastructure investment capable of helping us meet our climate change objectives - whilst minimising the costs for energy consumers.
This includes the promotion of efficient investment in regulated energy infrastructure across electricity and gas.
The Ministerial Council on Energy has also commissioned a review of national energy market frameworks to examine potential amendments to those frameworks to accommodate the introduction of the CPRS and the renewable energy target.
The Council has asked the Australian Energy Market Commission to conduct this review and to provide a final report by 31 September 2009.
The Government is also taking measures to reduce our energy consumption.
The five-year, $2.15 billion Climate Change Action Fund announced in the CPRS White Paper, provides targeted assistance to businesses, community sector organisations, workers, regions and communities to smooth the transition to a low carbon economy.
Not surprisingly, the ATSE Report also sets a case for additional funding support for research.
I can assure the Academy that we are committed to boosting Australian research, development and demonstration - as illustrated in Otway.
In Newcastle yesterday I launched the Australian Solar Institute.
The Australian Government is providing $100 million to support research at the Institute to bring down the cost of solar technologies, thereby increasing its uptake.
Conclusion
The energy sector faces a challenging future, but as this report attests - it is a dynamic future.
Our key challenge is the rapid development and deployment of appropriate technologies to meet the demands of climate change.
The Government's climate change policies are refocusing energy technology development and providing the framework for investment in clean energy.
Governments, researchers and industry must work together to ensure the best possible outcomes for Australia ... And we are.
I would like to thank ATSE and all of the contributors to this report.
The more thinkers - and doers - we have working on the problem the better ... and I am glad ATSE is onboard.