The Australian Greens today announced a policy for $5 billion worth of loan guarantees for large-scale renewable energy developments, working with an enhanced renewable energy target, a grant scheme and a feed-in tariff to drive Australia’s transformation into a 100% renewable energy powerhouse as swiftly as possible.
“Australia can harness our tremendous resources of the sun, wind, ocean, earth and human ingenuity to replace our reliance on coal with 100% renewable energy within decades,” Australian Greens Deputy Leader, Senator Christine Milne, said.
“But if we are to make that a reality, we need a well-designed suite of policies to get us there – a strategic plan, an ambitious renewable energy target complemented by a feed-in tariff, a grant program and a loan guarantees scheme.
“Particularly in the context of the global financial crisis, loan guarantees are essential to help renewable energy developers access the finance they need to build baseload power stations.”
The Greens’ loan guarantee scheme would:
• adopt the successful US Department of Energy model of providing 100% guarantee;
• be open to emerging renewable energy technologies including baseload solar thermal with storage, geothermal, and ocean energy; and
• be available for projects larger than 100MW at a single site.
The loan guarantees would be open for two years and be managed jointly by the Departments of Treasury and Finance; Resources, Tourism and Energy, and Climate Change and Energy Efficiency.
The guarantees would work in conjunction with a gross national feed-in tariff, giving certainty to investors in all forms of renewable energy, and an increased renewable energy target, as well as the development of a strategic plan for the transition to 100% renewable energy under the auspices of Infrastructure Australia.
“A great advantage of loan guarantees is that, while they involve the government taking on financial risk, they leverage private sector investment and allow banks to develop the confidence to lend to large-scale renewable energy projects in the future, without government support.
“Loan guarantees stimulate job creation and investment and have been a successful element of the Obama administration’s stimulus package.
“After the delays and mismanagement of the Solar Flagships program, this scheme is essential to get industrial scale renewable energy power stations off the ground as soon as possible.
“Once it has been demonstrated that renewables can replace coal, the Greens believe the transformation can happen faster than most of us can imagine.
The Loan guarantee scheme would be complemented by a stronger grants program, adding the $1 billion the Government recently promised to the “Connecting Renewable” initiative to the remainder of the Solar Flagships funding.
And,
Greens great in Tasmania: Milne
Tasmanians with an eye on the environment, climate change, the economy and the state of our health system need look no further than The Greens on August 21, says Australian Greens Deputy Leader, Christine Milne.
Speaking at the launch of the Tasmanian Greens Federal election campaign, Senator Milne said the Greens offer a comprehensive range of policies that will see Tasmania thrive as a leader in creativity, competitiveness, safety and innovation as the world tackles climate change and peak oil.
“Our policies and responsible use of power in the Senate will continue to benefit Tasmania.
“It was the Greens who supported and passed the stimulus package, meaning job security for thousands of Tasmanians who otherwise may have faced unemployment and financial dire straits during the global financial crisis.
All Tasmanian primary schools have new buildings because the Greens said ‘Yes’ when the Coalition said ‘No’.
“The Greens continue to support the roll out of the National Broadband Network which will see Tasmania, including many regional areas, competing with world leaders in communications technology such as Singapore.
“Tasmanian primary producers can be confident that the Greens will drive innovation in policies for food security, biosecurity and a better deal to keep farmers on the land.
“The Greens will pursue a fair deal for all farmers in fighting the stranglehold on producers from the Coles and Woolworths duopoly.
“We have an exciting action plan that will see Tasmania becoming a renewable energy powerhouse with loan guarantees launched today a new critical element.
“We will return this state to a self-reliant 100% renewable energy leader that will light the way for others to follow and demonstrate the massive potential for employment in the renewables sector.
“We will make Tasmania a safer place with a radical approach to tackling needless deaths and injuries on our roads. One death is too many, and we will do all we can in the places where it is needed most to reduce this awful toll to zero.
“The Greens will deliver meaningful healthcare reform that looks at addressing needs where they are needed. Better regional healthcare, a public dental service and a much needed boost for mental healthcare.
“The Greens are a vote for hope, a progressive, healthier and happier future.”
