$500M LOW EMISSIONS TECHNOLOGY FUND TAKES FINAL SHAPE

03/06/2005 - Submissions are now being called from energy industry stakeholders as part of the consultation process that will determine the detail of the key low emissions program announced in the Australian Government's Energy White Paper last year.
The $500 million Low Emissions Technology Demonstration Fund (LETDF) is being established to stimulate greater investment in demonstrating low-emission technologies across the full spectrum of energy sources.
Federal Industry Minister, Ian Macfarlane, and Environment Minister, Senator Ian Campbell, announced draft guidelines for the fund will be publicly available from tomorrow and industry forums will be held for feedback before the guidelines are finalised.
"The Statement of Challenges and Opportunities is an opportunity for industry stakeholders to have a say on the operation of the program before first round applications are called later this year," Mr Macfarlane said.
"The fund is likely to drive total investment of more than $1.5 billion in cleaner technologies ranging from renewable energies to more conventional fuel sources. It's an exciting opportunity to usher in a new generation of low emission technology," he said.
"Developing new low emissions technology is the most pressing challenge to reducing the levels of greenhouse gases entering the atmosphere and it forms an essential ingredient of Australia's long term climate change strategy," Senator Campbell said.
"A major strength of the fund is that it is inclusive of all energy technologies - renewable and fossil fuel energy supply, energy efficiency, transport and fugitive emissions. This statement puts the fund into a higher gear as it drives towards the call for applications later this year," he said.
The LETDF key eligibility criterion is an ability to potentially deliver significant greenhouse abatement, with commercial uptake in the long-term. Funding assistance is available for up to 15 years.
Australia's abundant reserves of fossil fuels and increasing energy use makes it imperative for Australia to investigate and implement technological solutions that reduce emissions from the energy sector.