Australia to invest $1.4bn in new technologies to lower emissions

The Government of Australia has unveiled plans to invest A$1.9bn ($1.4bn) in new technologies to reduce emissions.

The financing package includes A$1.62bn ($877m), which will be directed towards the Australian federal government agency Australian Renewable Energy Agency (ARENA) for investment.

A portion of the financing will also be used to expand the focus of ARENA and the Clean Energy Finance Corporation (CEFC) to support new technologies that will cut emissions in the agriculture, manufacturing, and transport sectors.

ARENA welcomed the new funding from the government, saying it would help secure the agency’s future beyond 2022.

Arena CEO Darren Miller said: “We are delighted to see ARENA’s important role acknowledged with new funding, and we welcome a new era for ARENA.

“There is still much work to be done but with an experienced team, industry knowledge and strong networks across a range of technologies and sectors, ARENA is well positioned to support Australia’s energy transformation and emissions reduction goals.”

ARENA has so far supported 543 projects with A$1.58bn ($1.15bn) of funding that has ‘leveraged’ about A$5bn ($3.65bn) in additional private as well as public sector investment.

Miller added: “Technology and innovation are critical to the energy transition and to Australia’s efforts to reduce emissions and create new economic opportunities.

“ARENA has played a key role in reducing the cost and increasing the supply of renewable energy for the past eight years. We look forward to continuing this important work with the next generation of energy technologies.”

In May, ARENA announced A$1.1m ($0.71m) in funding to natural gas infrastructure company APA Group (APA) for the construction of a renewable methane production demonstration plant in Queensland.