Australian manufacturing is moving to a clean energy future as $1 billion in funding will be provided to the industry to improve energy efficiency and reduce pollution.
The Clean Technology Investment Programs, launched today, will provide grants to help manufacturers buy new plant equipment which reduces carbon pollution or cuts their energy costs.
As part of the Clean Energy Future package, the $800 million Clean Technology Investment Program and the $200 million Clean Technology Food and Foundries Investment Program will support jobs and offer incentives for manufacturers to become more efficient, sustainable and competitive.
Projects including installing new manufacturing equipment, processes and facilities to reduce energy consumption and carbon emissions or switching to less carbon intensive energy sources or, can be supported under this funding.
Also announced today, to make these grant programs more attractive to small and medium-sized businesses, the Government will change co-contribution requirements. Manufacturers who request funding under $500,000 and have turnovers of less than $100 million will now have to match the government grants on a dollar for dollar basis.
For all other grants under $10 million, applicants will need to contribute $2 for every $1 from the Government. For grants over $10 million, it is expected applicants will co-contribute at least $3 for every $1 the Government contributes.
Eligible manufacturers can now apply for funding under the Clean Technology Investment Programs.