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Turnbull end's Abbott's ban on wind power investment

Grey geese (Anser anser) fly past a high-tension power line and wind turbines in the morning sun near Sehnde, Germany, 26 November 2015.
Grey geese (Anser anser) fly past a high-tension power line and wind turbines in the morning sun near Sehnde, Germany, 26 November 2015. EPA - Julian Stratenschulte

FEDERAL Environment Minister Greg Hunt has taken the wind out of Tony Abbott's sails by overturning an investment ban imposed while Mr Abbott was leading the country.

Mr Hunt recently told $10 billion investment body the Clean Energy Finance Corporation it could re-focus investment on "emerging and innovative" offshore wind farms.

Former treasurer Joe Hockey and Mr Abbott in July banned the corporation from investing in wind and small solar projects.

"The government has also directed the corporation to include, as part of its investment activities in clean energy technologies, a focus on offshore wind technologies," a directive signed by Mr Hunt says.

"This recognises that, in many circumstances, the financing requirements for mature and established clean energy technologies such as onshore wind technologies may be met from commercial financing sources."

Acting Greens leader Larissa Waters praised the move, saying Australia was home to "fantastic wind deposits".

"Tony Abbott was prepared to take the axe to renewable energy and was going to restrict investment," Ms Waters said.

- APN NEWSDESK

Topics:  environment investment malcolm turnbull wind power



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