The Australian government announced plans for a $652 million renewable energy fund, in a reversal of policy direction just weeks after ditching its proposed climate bill.

Speaking in his budget address, Treasurer Wayne Swan said that the government would “roll out the most substantial renewable energy plan this country has seen,”as it keeps its commitment to have 20 percent of Australia’s energy come from renewable sources by 2020.

The target will be supported by the new Renewable Energy Future Fund, which will invest up to $652m over four years and form part of an expanded $5.1bn clean energy initiative. Few precise details were provided on how the fund will be distributed, but it is expected to be used to leverage private finance and will focus on wind, solar, biomass and geothermal energy projects.