The Australian Government has announced a funding package of $1.16bn (A$1.62bn) to support low emission technologies across the innovation chain.
The Australian Renewable Energy Agency (ARENA) will distribute the funds, as part of a $1.3bn (A$1.9bn) package announced by Australian Prime Minister Scott Morrison.
In addition, the government will provide ARENA with guaranteed baseline funding of $1.04bn (A$1.43bn) over ten years.
Morrison said the funding would support lower-emission technologies, create new jobs and improve the reliability of the country’s energy supply.
He comments: “Our JobMaker plan is about protecting and creating the jobs of today and positioning Australia for the jobs of the future, which is why our investment in new technologies is so crucial.
“Australia is in the midst of a world-leading boom in renewable energy with over $30bn invested since 2017. Solar panels and wind farms are now clearly commercially viable and have graduated from the need for government subsidies and the market has stepped up to invest.
“The government will now focus its efforts on the next challenge: unlocking new technologies across the economy to help drive down costs, create jobs, improve reliability and reduce emissions. This will support our traditional industries – manufacturing, agriculture, transport – while positioning our economy for the future.”
With its long-term funding, an ARENA spokesperson said it intends to work with energy industry participants, Clean Energy Finance Corporation, and other organisations to back emission-lowering technologies in agriculture, manufacturing, industry and transport across Australia.
The existing investment priorities of ARENA include the integration of renewables into the grid, accelerating the uptake of hydrogen, and supporting industry to lower emissions.
ARENA CEO Darren Miller has also welcomed the funding from Federal Government and an ongoing role for the agency.
Miller said: “We are delighted to see ARENA’s important role acknowledged with new funding, and we welcome a new era for ARENA.
“There is still much work to be done but with an experienced team, industry knowledge and strong networks across a range of technologies and sectors, ARENA is well-positioned to support Australia’s energy transformation and emissions reduction goals.”