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Geothermal Research and Tech IEA

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Geothermal Research and Tech IEA ( geothermal-research-and-tech-iea )

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8.2.3 Progress Toward National Targets for Renewable Energy and Emissions The Australian Government has expanded the Renewable Energy Target to ensure that 20% of Australia's projected electricity supply comes from renewable sources by 2020. Geothermal energy is a major resource and potential source of low emissions renewable energy suitable for base load electricity generation and direct use applications. 8.2.4 Government Expenditure on Geothermal Research and Development (R&D) The expanded Renewable Energy Target (RET) provides a strong incentive to accelerate the uptake of Australia‘s abundant renewable energy resources (discussed in section 8.4.1). However, significant increases in renewable energy technologies and various commercial challenges facing the renewable energy industry cannot solely be addressed by implementation of the RET. Resolving these challenges requires supporting legislation and funding structures to encourage research, development and demonstration of these renewable energy technologies. The Australian Government is investing over AU$5 billion (US$5.2 billion in the Clean Energy Initiative (CEI), which complements the proposed carbon price and existing Renewable Energy Target (RET) by supporting the research, development and demonstration of low emission energy technologies. Key elements of the CEI are:  The AU$1.68 billion (US$1.75 billion) Carbon Capture and Storage (CCS) Flagships Program;  The AU$370 million (US$386 million) National Low Emissions Coal Initiative (NLECI);  The AU$1.5 billion (US$1.6 billion) Solar Flagships Program;  The AU$150 million (US$160 million) Australian Solar Institute (ASI); and The Australian Centre for Renewable Energy (ACRE) drawing together over AU$690 million (US$720 million). The Australian geothermal sector benefits most directly from targeted programs administered under ACRE. ACRE‘s objectives are to promote the development, commercialisation and deployment of renewable energy and enabling technologies to a point where they can be on a competitive footing with existing energy technologies. ACRE therefore acts as a central agency for Australian renewable energy businesses, consolidating various new and legacy programs including:  AU$235 million (US$245 million) Renewable Energy Demonstration Program  AU$100 million (US$104 million) Renewable Energy Venture Capital Fund  AU$92 million (US$96 million) ACRE Solar projects  AU$40 million (US$41.8 million) Emerging Renewables Program  AU$15 million (US$15.7 million) Second Generation Biofuels Research and Development Program  AU$50 million (US$52 million) Geothermal Drilling Program  AU$20 million (US$20.9 million) Advanced Electricity Storage Technologies Program  AU$14 million (US$14.6 million) Wind Energy Forecasting Capability Program  AU$18 million (US$18.8 million) Renewable Energy Equity Fund. 81

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