The shelving of the contentious Emissions Trading Scheme (ETS) will save up to $3 billion, but only a fraction of this money is being spent on renewable energy sources.
Treasurer Wayne Swan, in his annual budget address, said climate change was one of the three key challenges facing the nation.
He pledged $652 million for a new Renewable Energy Future Fund – only a fraction of the money saved after the government's ETS plans were indefinitely delayed.
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Moreover, the government's green car innovation fund will save $200 million over three years, and the removal of the National Rainwater and Greywater initiatives will save $179.7 million over five years.
