The Australian Government has launched the A$1bn ($762m) Clean Energy Innovation Fund (CEIF) to invest in clean and renewable technologies for commercial deployment.

The fund will be jointly managed by the Clean Energy Finance (CEFC) and the Australian Renewable Energy Agency (ARENA).

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It will target projects, including large-scale solar with storage, offshore energy, biofuels and smart grids, and also create jobs.

CEFC CEO Oliver Yates said: "The creation of the CEIF will help innovative entrepreneurial companies build their commercial strength, so they can make a positive contribution to the Australian economy and our national emissions challenge.

"We are promoting innovation and new economic opportunities, enhancing our productivity, protecting our environment and reducing emissions to tackle climate change."

"The CEFC is a flexible policy tool. The CEFC is pleased to be able to assist government in supporting complementary initiatives and policies through investment mandates that are consistent with the CEFC Act."

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The fund, which forms a part of the CEFC’s A$10bn ($7.5bn) allocation, would help the country achieve its target to reduce emissions by 26% to 28% by 2030.

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CEFC and ARENA will take responsibility to identify projects and businesses eligible for the funding.

According to CEFC, the fund will focus on companies, businesses and projects under early development stages and seeking capital to enter next stage of their development.

The Clean Energy Innovation Fund will see $100m per year made available for ten years starting in July this year in clean energy technologies including renewable energy, energy efficiency and low emissions technologies.

Australian Prime Minister Malcolm Turnbull said: "We are promoting innovation and new economic opportunities, enhancing our productivity, protecting our environment and reducing emissions to tackle climate change."