The budget for the Department for Environment, Food and Rural Affairs (Defra) will rise from £3.5 billion to nearly £4 billion a year by 2010. Chancellor of the Exchequer Alistair Darling announced in his 2007 Pre-Budget Report that there will be £2 billion worth of funding provided through the Private Finance Initiative (PFI) to help local authorities invest in more sustainable waste management options. PFI credits for local authority waste projects will rise from £280m in 2007/08 to £700m in 2010/11. Defra will also invest £570m for an Environmental Transformation Fund to help with the development of renewable energies and low carbon energy efficient technologies in the UK. The Government will spend £400 million in the next three years combating climate change. Secretary of State for the Environment, Food & Rural Affairs Hilary Benn said: We have much to do to protect our natural resources and secure our global climate over the next few years. The Stern Review showed that we need to act now if we are to avoid dangerous climate change. That means investing today before climate change costs us our planet. We need to reduce waste significantly in the coming years. This funding for the next three years will allow us to make progress in protecting our environment now, before it is too late.