The NIH in the US has something similar, but with a specific difference.  As far as I understand, all research they fund can be published in the various journals, but some time thereafter is also posted, in a slightly different format, in the NIH public access system.

"The NIH Public Access Policy ensures that the public has access to the published results of NIH funded research. It requires scientists to submit final peer-reviewed journal manuscripts that arise from NIH funds to the digital archive PubMed Central upon acceptance for publication.  To help advance science and improve human health, the Policy requires that these papers are accessible to the public on PubMed Central no later than 12 months after publication." http://publicaccess.nih.gov/

On Mon, Jan 28, 2013 at 4:34 PM, Dominik Wujastyk <wujastyk@gmail.com> wrote:
I know this isn't indological, but I think it affects most professional academics, and it's an interesting sign of the future direction of publishing for most of us here on INDOLOGY.

As of 1 April 2013, all publicly funded research in the United Kingdom must be published Open Access.  Authors are mandated to keep their copyright, and must publish their research under a liberal Creative Commons license. 

The UK's Arts and Humanities Research Council (AHRC) is included in this new policy, and it is the AHRC that funds most indological research in Britain, apart from that done by the small number of permanent university employees.

The UK policy appears to apply to "research papers" published in peer-reviewed journals.  The Austrian FWF, which is the national research funding body for Austria, has a similar all-encompassing Open Access policy for publications arising out of the research it funds, but in the FWF's case the policy extends also to mongraphs.  I fail to see how this can possibly work, especially for books that might fall into the trade category.  But it's a nice idea.

The full UK government announcement can be read here

Best,
Dominik



--
James Hartzell, PhD
Center for Mind/Brain Sciences (CIMeC)
The University of Trento, Italy