Statement 1: Budget Overview (Continued)
Transitioning to a clean energy future
The Australian Government has developed a comprehensive plan to move to a clean energy future. This is part of our long‑term plan to reshape Australia's economy, cut carbon emissions, drive innovation, and help avoid the increased costs of delaying action on climate change.
Central to that plan is the introduction of a carbon price that will cut emissions in the cheapest and most effective way. It will unleash innovation and spur around $100 billion of investment in new clean energy sources such as solar, geothermal and wind. The Carbon Pricing Mechanism will begin on 1 July 2012.
As part of the Clean Energy Future Package the Government is also making a significant commitment to environmental resilience through the $946 million Biodiversity Fund. In conjunction with the Caring for our Country initiative, the Fund is building greater environmental resilience across the Australian landscape by empowering land managers to restore, manage and protect biodiversity and to benefit from a low carbon future.
The Government is also investing a further $2.2 billion over five years (from 2013‑14) to support its Caring for our Country program. The funding will deliver the second phase of the program and ensure environmental and stakeholder needs are met.
By acting now, Australians can look forward to long‑term prosperity, while protecting our environment for ourselves and for future generations.
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