The Gillard government says a program by technology company GE which aims to help commercialise low-carbon innovations proves big business is aware of the opportunities in the clean-energy economy.
GE on Tuesday pledged $10 million to find, fund and bring to market local innovations that will help reduce people’s carbon footprint.
The so-called “ecomagination challenge” is open to businesses, entrepreneurs, innovators and students.
Successful projects could focus on low-carbon power generation, improving the electricity distribution system, products that are more energy efficient or even software that helps reduce emissions.
“GE’s ecomagination challenge demonstrates that big business also recognises the importance of innovation, not only to meet the needs of a low-carbon future but also as a way to improve business competitiveness and productivity,” Climate Change Minister Greg Combet said in a statement on Tuesday.
Company spokesman Ben Waters says GE will work in collaboration with the people behind the best ideas by helping with research and development right through to potentially purchasing their company.
He expects two or three big investments to come from the $10 million challenge, which involves five venture capital partners.
“We’re moving beyond a time for commenting on (climate) policy into what business does best - which is action,” Mr Waters told AAP.
“Let’s get on with innovating.”
Previous GE global challenges received more than 5000 entries and resulted in projects focused on better smart meter technology, LED lamp cooling, wireless electric-vehicle charging and a voltage regulator that drives efficiency in the home.
