In what is his first major break away from the Abbott government’s environmental policy, prime minister Malcolm Turnbull has lifted the ban on government investment in wind power.
Environment minister Greg Hunt yesterday issued advice to the Clean Energy Finance Corporation (CEFC), requesting a focus on “offshore wind technologies”.
Under the new mandate, signed by Hunt and finance minister Mathias Cormann on December 3, the $10 billion fund will invest in wind projects that incorporate “emerging and innovative” techniques.
“The Government has also directed the Corporation to include, as part of its investment activities in clean energy technologies, a focus on offshore wind technologies,” the directive issued to the CEFC said.
“This recognises that, in many circumstances, the financing requirements for mature and established clean energy technologies such as onshore wind technologies may be met from commercial financing sources.”
The Sydney Morning Herald has more.
Business Insider Emails & Alerts
Site highlights each day to your inbox.