Australia lifts wind power investment ban
Australian PM Malcolm Turnbull overturned a controversial ban imposed by former PM Abbott on investing in wind energy. According to the new mandate, the Clean Energy Finance Corporation is encouraged to invest in 'new and innovative' technologies including wind energy projects. The move will inject much needed finance into the multi-billion dollar wind energy sector and boost confidence to invest in renewable energy sources.
Abbott bans investment in clean energy
Australian PM Tony Abbott's government asked the Clean Energy Finance Corporation to stop financing wind and other renewable energy sources. He stated that the CEFC should be investing in new technologies and not old ones like solar and wind energy. Abbott has been a staunch critic of climate debates and has described wind farms as "visually awful", "ugly" and "noisy".
What is Clean Energy Finance Corporation?
The CEFC is an Australian government owned organization that was established in 2012 to promote investments in clean energy technology. It was established under the Clean Energy Finance Corporation Bill 2012, which was passed through the Parliament of Australia on 22 July 2012. Since its inception, the CEFC has committed $1.4 billion in finance to investments in clean energy projects across Australia.
Abbot cuts back on renewable targets
PM Tony Abbott's government slashed the former Labor government's 50% renewable energy target down to 23%. The PM stated that increasing renewable sources in Australia's energy mix would drive up energy costs by more than $60 billion. Abbott stated that 23% was "more than sufficient" to meet Australia's carbon emission targets which will be up for discussion during December's Paris Climate Conference.
Turnbull to replace Abbott in leadership spill
Malcolm Turnbull was elected to replace Tony Abbott, after members of the Liberal Party voted him to power and asked PM Tony Abbott to step down. Abbott has been facing severe criticism on news channels and within his own party due to his brash remarks on climate change and clean energy investments. Turnbull will replace Abbot to become Australia's 29th Prime Minister.
Australia's carbon emissions
Australia has the second highest per capita emissions of carbon dioxide in the world, after the United Arab Emirates. In 2014, its emissions stood at 17.3 tonnes per person per year.