Skip to content
Energy

Record funding for ARENA to supercharge Australia’s net zero transition

Australian Renewable Energy Agency (ARENA) 2 mins read

The Australian Renewable Energy Agency (ARENA) welcomes expanded funding and new budget programs announced in the 2024-25 Federal Budget. 

The Australian Government announced a funding package of $7.1 billion for budgeted programs to be administered by ARENA including: 

  • $1.9 billion boost to ARENA’s baseline funding
  • $2 billion for round two of the Hydrogen Headstart program
  • $1.7 billion for the Future Made in Australia Innovation Fund
  • $1 billion previously announced for the Solar Sunshot program
  • $500 million for the Battery Breakthrough Initiative 

The funding and programs build on ARENA’s existing work and track record of over nearly twelve years in delivering transformative projects that accelerate the energy transition in pursuit of Australia’s emissions reduction targets. 

ARENA CEO Darren Miller said it was a show of continued support for ARENA in what the agency has previously achieved as leaders in the energy transition. 

“It is now more urgent than ever to take action on reducing emissions. ARENA is continuing to perform at the highest level, with the backing of a solid and proven investment strategy and a capable team, we welcome the government’s trust in us to continue our important work.” 

Since 2012, ARENA has supported 727 projects with $2.60 billion in funding commitments, unlocking a total investment of almost $12.51 billion in Australia’s renewable energy industry. 

ARENA is also currently delivering the $2 billion Hydrogen Headstart program, with recipients expected to be announced later this year. Additional funding for a second round of Hydrogen Headstart will help build on developing a local renewable hydrogen industry. 

“Hydrogen Headstart represents an important step towards Australia becoming a global renewable hydrogen leader. The current shortlisted applicants for Round 1 highlight the commitment from the private sector to develop this new industry. Additional funding for Hydrogen Headstart allows for even more projects to reach maturity and fast track our renewable hydrogen industry,” Mr Miller said. 

$1 billion in funding will also be administered by ARENA for the Solar Sunshot program to help unlock domestic solar photovoltaic (PV) manufacturing across the entire supply chain. 

“The Solar Sunshot program will enable Australia to take a first step in establishing a local solar PV manufacturing industry and supply chain. Playing a meaningful role in the solar PV supply chain is an important part of becoming a renewable energy superpower in the decades ahead,” Mr Miller said. 

In addition to new baseline funding and new budget programs, ARENA is currently working on delivering: 

For more information on ARENA and how to apply for funding, visit arena.gov.au/funding. Information on newly announced programs will be available soon. 

Media

More from this category

  • Energy, Federal Budget
  • 20/05/2024
  • 11:54
Adrian Merrick, Founder of Energy Locals

Our thoughts on the Government’s $300 power rebate

Last week’s Federal Budget brought with it some interesting news: starting July 1, 2024, every Australian household will enjoy a $300 rebate on their energy bills, which we’ll automatically apply to reduce your costs. At Energy Locals, we’re thrilled to see Australians receiving a bit of financial breathing room after the heavy cost-of-living pressures we've all faced. However, we question whether this rebate truly tackles the root causes of high energy prices. Most of the rises in Australia’s energy costs in the past few years stem from higher wholesale power costs. Power station operators, which includes the ‘big 3’ energy…

  • Energy, Engineering
  • 16/05/2024
  • 16:40
New Energy Nexus./Energy Lab

Supercharge Australia Innovation Challenge calls on startups to retrofit nation’s EVs

Sydney, 16 May 22024 - The second annual Supercharge Australia Innovation Challenge, “Retrofit Nation”, is being launched in Sydney during Climate Action Week. The Challenge is calling on startups to rapidly convert half the Australian vehicle fleet to electric vehicles (EVs), which is over 10 million vehicles. One of the immediately viable opportunities lies in retrofitting existing heavy vehicles with lithium batteries to support the move to an electric vehicle fleet. In 2022 our transport sector contributed to 19% of Australia’s emissions. Trucks, buses and light commercial vehicles account for about 40% of the total transport figure and the industry…

  • Energy, Government Federal
  • 16/05/2024
  • 08:58
Lighthouse Communications

Budget Fails Communities and Misses Opportunity to Make Australia a “Renewable Superpower”

Despite making promises of Australia becoming a world-leading renewable energy superpower in this week's Federal Budget, the Government failed to deliver on the fundamentals for local communities. On budget and off budget spending is concentrated on perpetuating outdated infrastructural norms and neglecting pivotal advancements in renewable energy transmission technology. While committing $22.7 billion over the coming decade to become a world leader in the energy transition, regional communities impacted by local energy projects say the Government has failed to support world leading transmission innovation and address energy policy failures at the expense of the environment and regional Australia. Spokesperson for…

  • Contains:

Media Outreach made fast, easy, simple.

Feature your press release on Medianet's News Hub every time you distribute with Medianet. Pay per release or save with a subscription.