The Australian Renewable Energy Agency (ARENA) has received record funding of $7.1 billion and unveiled new budget programs in the 2024-25 Federal Budget.
This includes a significant $1.9 billion boost to ARENA’s baseline funding, emphasising the government’s commitment to accelerating the clean energy transition, the agency said in a news release.
Among the notable allocations are $2 billion for the second round of the Hydrogen Headstart program, $1.7 billion for the Future Made in Australia Innovation Fund, $1 billion for the Solar Sunshot program, and $500 million for the Battery Breakthrough Initiative.
ARENA CEO Darren Miller hailed the budget allocations as a demonstration of continued support for the agency’s crucial role in driving 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,” asserted Miller.
Since its inception in 2012, ARENA has spearheaded 727 projects with funding commitments totaling $2.60 billion, catalysing a total investment of nearly $12.51 billion in Australia’s renewable energy sector.
Notably, ARENA is currently overseeing the $2 billion Hydrogen Headstart program, with upcoming recipients set to be announced later this year.
Additional funding for a second round of the Hydrogen Headstart initiative will further bolster the development of a local renewable hydrogen industry, positioning Australia as a global leader in this burgeoning sector.
Moreover, the $1 billion allocation for the Solar Sunshot program is poised to unlock domestic solar photovoltaic (PV) manufacturing capabilities across the entire supply chain.
Miller emphasised the significance of Australia’s involvement in the solar PV supply chain as a crucial step toward establishing the nation as a renewable energy powerhouse in the years to come.
In addition to the new funding and programs, ARENA continues to advance ongoing initiatives such as the Powering the Regions Industrial Transformation Stream, the Regional Microgrids Program with a focus on First Nations communities, and the Community Batteries program.
For those seeking further information on ARENA and funding opportunities, visit arena.gov.au/funding, with details on newly announced programs set to be available soon.
