The $40 million announced by the Federal Government today for emerging renewable energy technologies is a welcome start to driving innovation in emerging technologies, according to the clean energy industry.

However more investment will be needed if Australian innovators are to harness the suite of world class clean energy assets and become world beaters.

Clean Energy Council Chief Executive Matthew Warren said one of the initiative’s strengths was that the money would be allocated in the next year, delivering an immediate kick start for clean tech innovation.

“Today’s Emerging Renewables announcement is positive and well targeted,” Mr Warren said.

“It is a good start but we will need more to deliver a generation of research and development in the next decade. This initiative on its own is too modest to be the game changer that is needed by innovative companies who are doing it tough,” Mr Warren said.

A comprehensive greenhouse strategy must include an effective carbon price, support for emerging technologies, efficient and effective measures to use energy more efficiently as well as large scale deploy of clean energy technologies.

“The industry hopes this will be just the beginning of further financial support from the Federal Government to give a leg up to Australian technology on the world stage,” said Mr Warren.

“Innovation by its nature carries with it a high degree of risk. Whether it’s wave energy, geothermal or solar thermal, we should support private innovation through its early steps and stop the brain drain overseas.”

Mr Warren said Australia had some of the best clean energy resources in the world and had a real opportunity to be a global leader.

“We need to help all our new sources of renewable clean energy generation to reach maturity so they can make a meaningful contribution to our national 20 per cent renewable energy target (RET) by the end of the decade,” he said.