The LETDF is being set up to stimulate research and development in Australian low emission technologies for the energy industry and the government is seeking co-operation from key industry players in kick starting the next era of energy technology.
“The fund is likely to drive total investment of more than $A1.5 billion in cleaner technologies ranging from renewable energies to more conventional fuel sources,” said industry minister Ian Macfarlane.
“It’s an exciting opportunity to usher in a new generation of low emission technology.”
The key eligibility criteria for the LETDF is to provide significant greenhouse emission reduction with long term commercial uptake, with funding available for up to 15 years. The government has said that industry feedback forums will be held before final decisions are made.
“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,” said minister for environment Ian Campbell.
“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.”