$460m Lifeline Needed to Save ARENA, Build Australia’s Energy Future

Renewable Energy
Renewable Energy

An urgent, two-year extension of funding for the Australian Renewable Energy Agency (ARENA) is prerequisite to involve the care of its critical role in improving energy dependability and reducing costs as Australia conversions to low-carbon sources, New nationwide polling shows a majority of Australians support extending ARENA’s funding.

An analysis of Federal Ministerial media releases shows that the Coalition Government has associated itself with ARENA’s success 149 times within the last six years. From its construction in 2011 until July 2019, ARENA has to provide a subsidy of $1.44 billion to 478 projects with a whole value of $5.49 billion. ARENA will run out of cash for brand clean projects around mid-2020. Annual funding of $230 million for financial years 2022-23 and 2023-24 would allow ARENA to endure supporting projects across the ensuing two calendar years.

The proposal to fund ARENA $230 million yearly for 2022-23 and 2023-24 is printed during a report and Pre-Budget Submission released today. This short-term backing solution will allow the centralized to move its promised ‘Energy Technology Investment Roadmap’ and extend the indispensable work of ARENA within the short-term, while a long-term plan for the organization is negotiated.