The Australian Renewable Energy Agency (ARENA) has released a new Investment Plan that outlines three new priority areas to enhance the competitiveness of renewable energy technologies and increase the supply of renewable energy in Australia.
ARENA CEO Darren Miller said that following consultation with industry and government, the agency’s funding will be channelled towards projects that support the integration of renewables in the electricity system; accelerate the development of Australia’s hydrogen industry for domestic and export; and support industry to reduce emissions.
“The transition is underway but there is still a lot of work to do and ARENA has the expertise and deep understanding of the renewable energy sector to help address the long term needs,” Mr Miller said.
“Our new investment priorities are geared towards future proofing our energy system and economy and helping to further unlock the vast renewable resources Australia has.
“We need to overcome the challenge of integrating renewables into the grid as we switch to an electricity system that is more complex, more decentralised and more variable.”
He said Australia needs to launch a hydrogen industry to create opportunities across the domestic economy in order to become a major renewable energy superpower through exporting hydrogen.
“Finally, we need to support industry, which accounts for around 40 per cent of total final energy use in Australia, as they transition to renewables and look to reduce emissions,” Mr Miller added.
“Without our financial support the pathway to commercialisation would be blocked for many new technologies and businesses so ARENA we has an important role to play.
“I look forward to delivering our plan and encourage the R&D community and businesses – particularly those in industry – to visit our website to discover more about available funding opportunities.”