ARENA aims to additionally reduce expense of solar through new financial investment plan

Sep 13, 2021 03:19 PM ET
  • The Australian Renewable Energy Agency (ARENA) will support projects that even more reduced the cost of renewable generation as part of a new financial investment technique aimed at underpinning the change to web zero emissions.
ARENA aims to additionally reduce expense of solar through new financial investment plan
Image: Genex Power

ARENA funding will be used for projects that optimise the electricity transition-- consisting of power storage space, large-scale grid combination and also flexible need-- through an increased required that will certainly additionally see the agency back the commercialisation of 'tidy' hydrogen for both domestic as well as export applications.

" We require to use Australia's bountiful sunlight and wind resources to generate, make use of and also provide renewable energy," claimed ARENA CEO Darren Miller. "We require to optimise this shift with power storage space, large-scale grid assimilation, flexible need as well as further lowering the expense of solar and wind."

Miller claimed the brand-new priorities consider the crucial technologies as well as fields where Australia can benefit in the shift to internet absolutely no emissions.

ARENA's increased mandate will also see it support low-emissions aluminium and also steel production and also explore opportunities to scale up carbon capture and storage (CSS).

The financial investment strategy remains in line with the Australian federal government's Low Emission Technology Roadmap, which was launched last year and also is prioritising five areas-- including hydrogen manufacturing, long-duration power storage space and CSS.

While that roadmap will see the nation invest more than AU$ 18 billion (US$ 12.91 billion) in reduced emissions technologies over the following years, the strategy did not commit to a net no emissions target by 2050.

Since the roadmap was released, ARENA has given that protected an AU$ 1.62 billion financing package from the federal government as part of the agency's expanded mandate to discover the development of technologies such as energy storage space and hydrogen.

"We go to the start of an essential decade for Australia and also the world as we make the financial investments required to reduce emissions in line with international dedications. To get to web no, we require to spend today in the technologies that are going to transform our power system and our economic situation in the years to find," Miller stated.

Given that its foundation in 2012, ARENA has actually supplied AU$ 1.77 billion in funding to greater than 600 renewable energy projects. Previously this year, it chose 3 green hydrogen projects that will certainly cooperate AU$ 103 million to support their development.

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