May 18, 2009: Australia Announces Intention to Invest Billions in Clean Energy, Carbon Reduction

The Australian government announces it will invest $4.5 billion ($3.4 billion in US dollars) in developing the infrastructure necessary to generate energy from solar and wind power, and to reduce carbon emissions. It will also invest in low-emission coal technologies and in large-scale solar electricity generation projects. $465 million goes to a new governmental organization, “Renewables Australia,” intended to lead development in renewable energy research, development, and deployment. The investment plans go against years of Australian governmental policy that forbid spending funds on building clean energy infrastructure. [Breakthrough Institute, 5/18/2009]