The Federal Government has altered regulations regarding the Australian Renewable Energy Agency (ARENA), with hopes that the change can stimulate investment for future low-emission technologies and create new economic opportunities.
The regulations will support the stimulation of investment to achieve the technology Investment Roadmap goals and energy efficiency measures.
These include five key priorities which have been identified for Federal investment: clean hydrogen, long duration energy storage, low carbon materials, carbon capture and storage and new measurement technologies.
ARENA has previously received $1.4 billion of baseline funding to support new technologies, which included an additional $192.5 million to deliver a series of targeted programs.
Funding was distributed across:
- $71.9 million to support new electric vehicle charging and hydrogen-refuelling infrastructure.
- $24.5 million to support higher productivity and lower emissions in Australia’s heavy vehicle fleets.
- $47.0 million to support large energy-using businesses to identify opportunities to adopt new technologies and increase productivity; and
- $52.6 million for microgrids in regional Australia.
These programs are expected to create at least 1,400 jobs and deliver 16.5 million tonnes of emissions reductions.
Minister for Energy and Emissions Reduction Angus Taylor said the regulations and investment will help to support Australia’s plan for a net zero future.
“Getting new, low emissions technologies to economic parity as soon as possible is the only way to reduce emissions without imposing new costs on households, businesses or the economy,” he said.
“This change allows ARENA to support technologies that can reduce emissions across all sectors of the economy.”
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