Mr Kevin Rudd, leader of Australia's Federal Labor, has announced a $ 500 million green energy fund. It could be followed by a desalination and urban water recycling fund.
"This fund will support projects that take renewable energy technology from the lab to the grid." Mr Rudd said. "We need to harness our enormous potential in solar, wind, geothermal and wave power," he added.
Australian Greens have proposed something bigger. Some time ago they suggested taking no less than $ 3 billion from fossil fuel subsidies over the next decade in order to spend it on green enery. That compares with the $ 50 million per year which Mr Rudd's fund would mean, although this is not clear, as the timeline has not been announced yet.
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