The Australian Renewable Energy Agency (ARENA) has welcomed the expanded funding and new budget programs announced in the 2024-25 Federal Budget.
The Australian Government has committed a significant funding package of $7.1 billion for various programs administered by ARENA.
This package includes a $1.9 billion boost to ARENA’s baseline funding, $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 said: “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.”
Since its inception in 2012, ARENA has supported 727 projects with $2.60 billion in funding commitments, unlocking a total investment of nearly $12.51 billion in Australia’s renewable energy sector.
The second round of the Hydrogen Headstart program will build on the $2 billion already committed to developing a local renewable hydrogen industry.
“Hydrogen Headstart represents an important step towards Australia becoming a global renewable hydrogen leader. Additional funding for Hydrogen Headstart allows for even more projects to reach maturity and fast-track our renewable hydrogen industry,” Miller said.
Additionally, the Solar Sunshot program will receive $1 billion to help establish domestic solar photovoltaic (PV) manufacturing across the supply chain.
“The Solar Sunshot program will enable Australia to take a first step in establishing a local solar PV manufacturing industry and supply chain. Playing a meaningful role in the solar PV supply chain is an important part of becoming a renewable energy superpower in the decades ahead,” said Miller.
ARENA is currently working on several key projects, including:
- The $2 billion Hydrogen Headstart Program (Round 1)
- The $400 million Powering the Regions Industrial Transformation Stream
- $125 million for the Regional Microgrids Program, with $75 million allocated to microgrid projects in First Nations communities
- $120 million for Round 1 of the Community Batteries program
- $70 million for 2023 Focus Areas of the Driving the Nation program
- $40 million for the National Industrial Transformation program
- $30 million for the Sustainable Aviation Fuel Funding Initiative
For more information on ARENA and its funding programs, visit arena.gov.au/funding.
Details on newly announced programs are said to be available soon.
