Clean Energy Council chief executive Matthew Warren says the modest clean energy funding in the Budget package highlighted the need for a carbon price that would provide enough revenue to transform Australia’s energy supply.

“Whether it’s wave energy, hot rocks geothermal or large scale solar, our home grown clean energy innovation is a potential world beater. We welcome the Federal Government’s ability to listen to the industry and channel additional funding where it is desperately needed,” Matthew says.

“Innovation is one of Australia’s great competitive advantages and we urgently need to get the $200 million allocated by the government into on-the-ground projects to stop the offshore brain drain.

“Although the $100 million allocated under the Renewable Energy Venture Capital Fund is a good start, the allocated time frames will see this trickled out until 2023/24. This will leave a funding and policy gap during an important transition period for the industry,” he says.

Matthew feels the industry was also disappointed the Solar Schools program was being wound up early.

“We hope the government is now focused on delivering a carbon price and directing revenue to renewable energy and energy efficiency measures to take the load off household electricity bills.”

“The government’s focus on austerity underlines the need for additional revenue from carbon pricing to drive the transformation of Australia’s energy supply.

“Professor Ross Garnaut has estimated revenue for a carbon price to be between $2-3 billion per annum and some portion of this should be directed to renewable energy investment and energy efficiency for households and businesses.

“We would also like to see the introduction of an independent carbon bank that would coordinate climate programs in a manner that is not tied to the political climate of the day. It could also borrow against future revenue to fund transitionary assistance in the short term.”