Australia to Cut, Delay Clean-Energy Funding on Floods
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The Australian government said it will cut or delay A$500 million ($498 million) of funding for solar power and carbon capture and storage projects to help pay for reconstruction after the nation’s worst floods.
Australia, where coal accounts for more than 80 percent of electricity production, will cut the A$1.5 billion Solar Flagships program by A$60 million and defer a further A$190 million of proposed grants, according to documents released today by Prime Minister Julia Gillard’s office.