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The Australian Government has established two new bodies to drive the deployment of low emission coal technologies in Australia.
Australia's National Low Emissions Coal Council and a Carbon Storage Taskforce will be backed by a $500 million commitment from the Australian Government.
In addition, Industry and State Governments are committing more than $1 billion.
The National Low Emissions Coal Council will bring together representatives from government, industry, and the research community.
I am also pleased to announce that Dick Wells has agreed to chair this Council.
Mr Wells brings a wealth of experience in the resources industry, having previously held the position of Chief Executive with both the Minerals Council of Australia and the Australian Petroleum Production and Exploration Association.
The Council will develop a national strategy aimed at accelerating the development of low emission coal technologies.
These technologies go hand in hand with carbon storage; and therefore I am also pleased to announce that a Carbon Storage Taskforce will also develop a National Carbon Mapping and Infrastructure Plan.
The Taskforce will examine the Carbon Capture & Storage work already underway throughout Australia and indicate priority issues for further support.
The Taskforce will incorporate representatives from the coal, power generation, petroleum and pipeline sectors, and appointments will be announced shortly.
I would like to take this opportunity to impress upon you the importance of this work.
Coal is Australia's largest export is the primary fuel for around 80 per cent of Australia's current power supply.
There are many misconceptions relating to Australia's energy mix and how it will change in the coming decades.
Australian energy demand will double by 2050.
In Australia - and internationally - there are many coal-fired power stations expected to operate for another 40 years.
Clearly - no serious response to climate change can ignore the need to reduce the emissions from coal.
These are not challenges which Australia faces by itself.
Australia's entire grid-connected coal-fired power capacity is around 30,000MW.
In recent years, China has been adding 80,000MW of new coal-fired generation every year.
Furthermore, it is accepted that China will build a further 300,000MW of coal-fired electricity generation capacity throughout the next decade.
I am of course aware that the concept of low-emission coal - and this Government's support of it - has its critics.
I simply say: Low emission coal and renewable energy technologies are not competing alternatives.
Any credible response to climate change requires that both sectors be developed as fast as possible.
This Government's first Budget included the biggest spend on renewable energy this country has ever seen.
Our $150 million Energy Innovation Fund will boost Australia's existing momentum in solar technology research.
The $500 million Renewable Energy Fund will accelerate the commercialisation of new renewable energy technologies.
Australia also possesses amazing potential for geothermal energy production.
The Government is committed to renewable energy representing a 20 per cent share in Australia's electricity supply by 2020.
The renewable energy industry can develop and invest with confidence.
But in closing - can I say the fact remains that significant emission reduction must flow from our coal-fired power stations.
The initiatives I have announced today will make coal use more sustainable and ensure our energy security.
Thank you.