The Australian government says that it has sent a clear message to investors about how it will achieve its renewable energy goals with the release of the inaugural funding strategy for the Australian Renewable Energy Agency (ARENA).
ARENA’s General Funding Strategy for 2012/13 to 2014/15 was released alongside an investment plan covering the same period and seeks to boost the presence of and improve the competitiveness of renewable energy in Australia.
“Today ARENA has sent a clear signal to investors about how it will help to achieve one of the most important objectives of the Australian government’s Clean Energy Future package: bringing more efficient and competitive renewable energy technologies to the market,” said Australian minister for Resources and Energy Martin Ferguson.
ARENA has A$2.2 billion in uncommitted funding ready to be directed to renewable energy projects. The funding strategy includes four programmes aimed at delivering renewable energy systems in regional and remote regions and marks the beginning of “unparalleled investment” in renewable energy technologies in Australia, according to a government statement.
“I am pleased to see that ARENA has identified a real opportunity for renewables in regional and remote locations,” said Ferguson. “Some of the best renewable resources are found in remote and off-grid environments in Australia, where the high cost of fossil fuel generation and increasing demand from industry creates opportunities for the deployment of large scale renewables.”
The Australian government’s Clean Energy Plan aims to ensure that 20 per cent of the country’s electricity comes from renewable sources by 2020 and includes a carbon pricing mechanism.
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