Australia is painfully familiar with the sensitivity of its environment, even more so as wildfires (which some blame on climate change) ravage parts of the nation. Although the planet's uncontested kangaroo capital has been a little slow to address climate change, this week it launched an ambitious billion dollar campaign to fast-track renewables.

The $435 million (AUD) Renewable Energy Demonstration Program (REDP) will focus on today's most promising energy sources: solar, geothermal, wind, biomass, hydro, and ocean energy.

REDP's stated goals will be to:

• Demonstrate the technical and economic viability of renewable energy technologies for power generation through large-scale installations
• Support the development of a range of renewable energy technologies for power generation in Australia
• Enhance Australia’s international leadership in renewable energy technology for power generation development
• Attract private sector investment in renewable energy power generation.

REDP is part of a larger, $500 million project, the Renewable Energy Fund, with the remaining cash consisting of $50 million for geothermal drilling and $15 million for next-gen biofuels. Aussie's government is hoping to get a lot of bang for their wallabuck. For every dollar they invest, they expect $2 from private sources.

A big motivater for the green power push is the country's target of reaching 20% renewables by 2020. One Australian wave energy firm has already been promised $12.5 million to build a power station off the continent's southwestern coast.

If you own a Silicon Valley cleantech start-up, don't let down under's dealings get your hopes up. The grants are only available to Australian companies.