The Renewable Energy Development Initiative (REDI) will provide Australian businesses with competitive grants of between $A50,000 and $A5 million to develop renewable energy projects that display high levels of greenhouse gas abatement.

REDI will be administered by the Department of Industry, Tourism and Resources and the Department of the Environment and Heritage, and delivers on promises made in the 2004 Energy White Paper.

“Renewable energy technology plays an important role in our energy mix and is a key element of Australia’s overall greenhouse response in the energy sector,” said federal industry minister Ian Macfarlane.

“REDI will support renewable energy projects from early stage R&D right through to commercialisation – helping to develop an internationally competitive renewable energy industry in Australia.”

Technologies applicable for REDI funding include wind power, solar photovoltaic, geothermal, hydropower, tidal energy and any renewable energy source approved by the Australian Greenhouse Office.

“The Government’s investment in renewable energy initiatives to date is expected to reduce emissions by around seven million tonnes each year,” said environment minister Ian Campbell.

“I’d like to think that in a few years a REDI-funded project will boost that figure even further.”