ARENA will be boosted by $1.62bn of Australian Government funding over the next ten years in support of low emission technologies including clean hydrogen.
Prime Minister Scott Morrison and Energy Minister Angus Taylor announced in September that ARENA would be provided baseline funding of $1.43bn over ten year to extend current funding beyond 2022, and $193m for a package of policy measures to be detailed in the budget released on 6th October.
The funding and the broadened focus for ARENA are a key pillar of the inaugural Low Emissions Technology Statement (LETS) released this week by Taylor.
The LETS outlines the priority technologies with the potential for transformational economic and emissions outcomes including:
- clean hydrogen
- energy storage
- low carbon steel and aluminium
- carbon capture and storage
- soil carbon.
“The government recognises the strong growth in emerging energy technologies that will play a role in Australia’s energy mix into the future,” Taylor said.
“We need to get the balance right and our investment to re-energise ARENA will deliver that.”
“ARENA has played an important role in this growth, and as the cost of renewable technologies has fallen dramatically, the government is investing in the future of ARENA to support the next generation of energy technologies.”
Together with other agencies including the Clean Energy Finance Corporation and the Clean Energy Regulator, ARENA will be a key part of the Government’s efforts to accelerate the priority technologies outlined in the LETS.
Broadening ARENA’s mandate will require legislative change but ARENA CEO Darren Miller said there were a number of priority technology stretch goals and emerging and enabling technologies outlined in the LETS where ARENA can hit the ground running and build on the agency’s existing body of work and knowledge.
“Technology and innovation are critical to the energy transition and to Australia’s efforts to reduce emissions and create new economic opportunities,” Miller said.
“ARENA has played a key role in reducing the cost and increasing the supply of renewable energy for the past eight years.”
“We look forward to continuing this important work with the next generation of energy technologies.”