In Australia as part of the Carbon Tax package there was a $10 billion Clean Energy Fund mooted. Last week the Gillard government released an independent review into the Clean Energy Finance Corporation (CEFC), which is due to start operating from July 2013.
The government accepted all recommendations made by the review which was led by Reserve Bank of Australia Board member Jillian Broadbent, and the CEFC will provide $10 billion worth of financing to companies involved in renewable energy, low-emissions and energy efficiency technology.
It will offer up to $2 billion every year from 2013, for five years.
The review said the CEFC should apply capital through a commercial filter to help increase the flow of finances into the clean energy sector.
The CEFC should assess investment proposals on a case-by-case basis and use a range of financing instruments, the review said
This contrasts with New Zealand support for clean technology as .....um ...er...not so much. Relocation to Australia might be a reasonable expectation as a result of this huge imbalance for clean tech companies from New Zealand.
The government says the The CEFC will encourage private investment and help overcome capital market barriers for cleaner energy technologies.
The fund will apply ``commercial rigor'' to its investment decisions to make sure companies have a positive rate of return and are able to repay the loans.