The proposed Sustainable Cities Investment Fund, unveiled by Prime Minister Malcolm Turnbull on June 20, would take up to $100 million a year from the Clean Energy Finance Corporation to stimulate private sector investment in renewable energy and clean technology in Australia's major cities. But industry groups say it means nearly one-third of the supposedly independent CEFC's budget has been corralled by the government for “pet projects” announced during the lead up to the election campaign.
Clean Energy Finance Corporation
On March 23 Prime Minister Malcolm Turnbull announced a new Clean Energy Innovation Fund (CEIF) with $1 billion in funding over ten years. The Prime Minister's media release explicitly mentioned that it could be used to fund projects such as a “large scale solar facility with storage in Port Augusta”.
The federal government has been widely criticised for its weak carbon emission reduction target announced on August 11. The new target of reducing emissions by 26 to 28% on 2005 levels by 2030 will replace the previous target of a 5% emissions reduction on 2000 levels. These targets are nowhere near enough to stay under a 1.5°C rise in global temperature, needed to prevent going over climate tipping points.