The Australian Renewable Energy Agency (ARENA) welcomes expanded funding and new budget programs announced in the 2024-25 Federal Budget, according to ARENA's release.
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.
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.
$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.