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The Morrison Government has a sensible and balanced set of policies designed to ensure that as our energy system transitions to using a greater proportion of renewable generation, we continue to deliver power which is reliable and affordable.
To ensure Australians have reliable power, the Government will back investment in reliable generation which will improve competition, lower prices and guarantee reliable supply. This investment process is technology neutral.
In the 2019 Budget we announced the Climate Solutions Package. The $3.5 billion Climate Solutions Package is the biggest single investment any Australian government has made in reducing emissions. This funding will help ensure we meet our Paris commitment to reduce emissions by 26-28 per cent below 2005 levels by 2030.
Its centrepiece is a $2 billion Climate Solutions Fund, which is expected to deliver more than 100 million tonnes of emissions reduction, over and above the almost 200 million tonnes being delivered through the successful Emissions Reduction Fund.
The Climate Solutions Package also includes significant investments in renewable energy to reduce emissions, while ensuring Australian households and businesses have lower power prices and reliable dispatchable power that keeps the lights on. Amongst these investments are:
- $1.38 billion for Snowy 2.0 ensuring clean, reliable affordable power.
- $56 million for a new electricity interconnector to support Tasmania’s Battery of the Nation project.
- $61.2 million to support small businesses, local community groups, households and building owners to improve energy efficiency.
- $400,000 for the development of a National Electric Vehicle Strategy.