The new fund will be used to support renewable energy projects like wind and solar power.
The Government remains committed to its controversial emissions trading scheme "over the medium term", but in the meantime it will be concentrating on providing more support for Australia's renewable energy and energy efficiency sectors.
Money saved by the shelving of the Carbon Pollution Reduction Scheme (CPRS) will be redirected into a $652 million new Renewable Energy Future Fund over the next four years.
Forming part of the $5.1 billion Clean Energy Initiative, the fund will be used to support renewable energy projects like wind and solar power as well as to encourage households to reduce their energy usage.
And there will be $30 million over two years for a national campaign to "educate the community in climate change".
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