Australia ends Abbott’s war on wind farms

Lifting of ban is a policy shift that allows renewable energy fund to invest in projects

Australian Prime Minister Malcolm Turnbull lifted a ban on government investment in wind power introduced by predecessor Tony Abbott, in another policy shift that coincides with a global climate-change deal to curb fossil-fuel pollution.

Environment Minister Greg Hunt issued the statebacked Clean Energy Finance Corp with orders cancelling Abbott’s directive which prohibited the A$10 billion (Dh26.4 billion, $7.2 billion) renewable energy fund from investing in new wind power projects, according to a December 3 investment mandate obtained by Bloomberg.

The fund can now invest in any clean energy project, including wind, that involves “emerging and innovative” technology, according to the document. The government has directed it to focus on offshore wind projects, given that funding of established onshore technologies may be met from commercial sources.

“The new CEFC investment mandate reflects the Turnbull government’s strong support for renewables and innovation,” Caitlin Keage, a spokeswoman for the prime minister, said in an emailed statement. “The mandate puts the CEFC’s focus on new and emerging renewable technologies, rather than supporting well established technologies that are financially viable without government support.”

Its another policy reversal by Turnbull, who deposed Abbott as Prime Minister after a leadership ballot of the ruling Liberal-National coalition in September.