New regulations brought in by the Australian Government today (July 30) will see the Australian Renewable Energy Agency (ARENA) support next generation technologies, such as clean hydrogen and carbon capture and storage, to reduce emissions in the country.
Established by the Australian Government in 2012, ARENA has a goal to improve the competitiveness of renewable energy technologies and increase the supply of renewable energy, a goal which has now been expanded.
As a result of the new regulations, from today, ARENA will play an important role in stimulating investment that will help achieve the Technology Investment Roadmap, set out by the Australian Government, stretch goals as well as energy efficiency measures.
The roadmap prioritises five new and emerging technologies for the Government to invest in. The identified technologies are clean hydrogen, long duration energy storage, low carbon materials, carbon capture and storage and new measurement technologies.
Commenting on the move for ARENA, Angus Taylor, Minister for Energy and Emissions Reduction, said, “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,
“This change allows ARENA to support technologies that can reduce emissions across all sectors of the economy. These changes have received wide industry support from over 28 businesses, peak bodies, and climate change groups including the Business Council of Australia, the AiGroup, the National Farmers Federation, ClimateWorks Australia and the Investor Group for Climate Change – and ARENA.
Today’s move from the Australian Government, follows its previously awarded $1.4bn in funding awarded to AREA to support new and emerging technologies. Further to that, ARENA was also awarded $192.5m to deliver the below programmes:
- · $71.9m to support new electric vehicle charging and hydrogen-refuelling infrastructure
- · $24.5m to support higher productivity and lower emissions in Australia’s heavy vehicle fleets
- · $47m to support large energy-using businesses to identify opportunities to adopt new technologies and increase productivity
- · $52.6 for microgrids in regional Australia
These programs will create at least 1,400 jobs and deliver 16.5 million tonnes of emissions reductions.