$100M for green energy solutions

Gold Coast Business News
March, 2008 Page: 8

Queensland companies are being encouraged to jump on board a State Government initiative that will result in cleaner, greener business practice. The State Government is urging Queenslanders to make the most of a $100 million green energy initiative. Available in two packages, business owners and researchers are encouraged to take a look at the $50 million Smart Energy Savings Fund and the $50 million Renewable Energy Fund.

Energy Minister Geoff Wilson says the Smart Energy Savings Fund will be available to businesses with applications to be sought twice a year - while the Renewable Energy Fund will offer financial incentives to help drive Queensland's commitment to climate change into the 21st Century "We'll provide loans for up to 100 per cent of the project's value or a grant that will cover up to half the project's capital value," says Wilson.

"Some projects may be big, some small. We'll not discriminate because together, they'll have the potential to save tens of thousands of tonnes of greenhouse emissions." Wilson says the renewable energy fund will assist innovative companies that want to turn ideas into sustainable solutions. "We want clever companies to come forward with their ideas so that we can help turn their vision into reality," he says.

"There are exciting possibilities for renewable energy and we've so much untapped potential." The Premier Anna Bligh says Queensland businesses need to use less energy, while finding more sources of energy. "These funds will encourage both," she says. "We're putting our money on the table, addressing the real threat to our environment.

Queensland's leading the way and we want businesses and researchers to climb on board. We've set a target to reduce greenhouse gas emissions to 60 per cent below our 2000 levels by 2050. Our efforts must focus on two fronts - cutting energy use and searching for new energy sources.

"It's a simple. We want businesses to boost their investment in energy saving projects and technologies, and we're putting up $50 million to help them." Wilson adds that the Renewable Energy Fund investment will help the state secure a share of the national 20 per cent renewable energy target by 2020. "The Renewable Energy Fund will help industry come up with innovative energy conservation solutions in areas like geothermal, wind, solar, biomass, bagasse and other renewable energy sources," he says.

"We're looking at technologies that can generate at least 100 kilowatts, industrial power projects with a carbon-neutral emissions profile and innovations that can produce a reliable electricity supply and meet local energy supply needs. Ideally, we'd like to see projects with the potential for widescale commercial application. Funding can be in the form of a loan for up to 100 per cent project's value or as a grant for up to half of the project's capital cost."