The Australian Government has promised to cut greenhouse gas emissions by 15% compared with 1990 levels by 2020, but only if global leaders reach an agreement in Copenhagen next year.
However, if the talks in Copenhagen do not establish a successor to the Kyoto Agreement, then Australia will reduce its target to just a 5% cut by 2020.
Environmental groups have condemned the targets, which fall short of both the 20% cut in emissions by 2020 agreed by the European Union and the 25-40% cut being called for by the United Nation’s Intergovernmental Panel on Climate Change.
Meanwhile, Prime Minister Kevin Rudd announced yesterday that the Government are bringing forward AUS$500 million for investment in renewables over the next 18 months.
The Renewable Energy Fund will have AUS$100 million available in 2008/9 and a further AUS$400 million in 2009/10.
The Fund is aimed at reducing the costs of demonstrating and deploying solar and other renewable energy projects, including geothermal energy sources and biofuels.
“The Government believes the time has come to prepare a solar revolution, and renewables revolution, for Australia’s future,” Rudd said in a statement.
Funding for geothermal and second-generation biofuel projects are currently open and the Government is promising a programme for renewable energy early in 2009.