Australia : ARENA Funded to Boost New Renewable Energy Programs in the 2024-25 Federal Budget

The Australian Renewable Energy Agency (ARENA) welcomes the expanded funding and new budget programs announced in the 2024-25 Federal Budget.

The Australian Government commits a significant funding package of $7.1 billion for various programs managed by ARENA.

This package includes $1.9 billion to boost 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 stated, “Taking action on reducing emissions is now more urgent than ever. ARENA continues to perform at the highest level, backed by a solid and proven investment strategy and a capable team. We appreciate 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 nearly $12.51 billion in total investment in Australia’s renewable energy sector.

The second round of the Hydrogen Headstart program builds on the $2 billion already committed to developing a local renewable hydrogen industry.

“Hydrogen Headstart represents a crucial step towards Australia becoming a global leader in renewable hydrogen. Additional funding for Hydrogen Headstart enables even more projects to mature and fast-tracks our renewable hydrogen industry,” Miller said.

Moreover, the Solar Sunshot program will receive $1 billion to help establish domestic solar photovoltaic (PV) manufacturing across the supply chain.

“The Solar Sunshot program allows Australia to take a significant step in creating a local solar PV manufacturing industry and supply chain. Playing a key role in the solar PV supply chain is essential for becoming a renewable energy superpower in the coming decades,” 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 the 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 details on ARENA and its funding programs, visit arena.gov.au/funding.