Australia's government plans to invest A$4.5 billion (US$3.4 billion) to fund large scale solar electricity projects, as well as coal-fired power stations to test carbon capture and sequestration (CCS).
A$1.6 billion over six years, will go towards two to four commercial-scale solar projects, each with 1000 megawatts (MW) capacity, according to the governments newly released budget.
The remainder will fund between two and four new coal-fired power plants with CCS--each with a capacity of 1000 MW.
The government expects to triple these funds to around A$13.5 billion through private investment.
Australia is the world's biggest exporter of coal and therefore has a large stake in trying to prove that CCS is a viable solution to greenhouse gas emissions resulting from coal-fired power plants.
The Australian government also plans establish an organization, called Renewables Australia, with a four-year budget of A$465 million to support the development and commercialization of renewable-energy technology.
Australia recently committed to a goal of receiving 20% of its electricity from renewable sources by 2020.
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China needs to invest 1.3 trillion yuan ($190 billion) to achieve its target for renewable-energy use by 2020, National Energy Bureau division chief Liang Zhipeng said.
Read the Bloomberg report at the link below.