Malcolm Turnbull has announced the creation of a $1 billion environmental sustainability fund, titled Clean Energy Innovation Fund (CEIF). The announcement has coincided with a commitment to retain and foster the Clean Energy Finance Corporation, and the Australian Renewable Energy Agency. The move reverses the previous Abbott government's sentiments about climate change and sustainability, with both agencies set for abolition under Abbott's leadership.
Turnbull emphasised that "Clean energy is central to the government's strategy to address climate change and meet our emissions reduction targets,". The new fund will provide a combination of "innovative equity and debt products" - essentially encouraging and financially stimulating new technology renewable energy ventures.
The government says the $1 billion CEIF will "drive innovation and create the jobs of the future, while delivering a financial benefit from the investment of public money". It is a great step towards widening the discussion for lucrative and financially appealing sustainable practices.