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Australia fast-tracks renewable energy funding

File image.
by Staff Writers
 Sydney (AFP) Dec 14, 2008
 Australia will bring forward millions of dollars in funding for solar and other renewable energy sources, in part to help boost the economy, Prime Minister Kevin Rudd said Sunday.

Rudd said the government's 500 million dollar (329 million US) renewable energy fund will now be spent over the next 18 months rather than spread over six years as previously planned.

"It's time for Australia to begin the solar revolution, a renewable energy revolution and we have got to fund it for the future" he told reporters in his home state of Queensland.

"It's good for jobs, it's good for stimulus, it's good for acting on climate change."

The Australian government is due to reveal Monday its targets for the reduction of carbon dioxide emissions blamed for global warming.

Environmental groups have argued that the government must ensure carbon pollution is slashed by 25 percent by 2020 but industry and business groups have contended that this will be too high.

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