26 July 2012
The Australian Renewable Energy Agency (ARENA) today released its draft funding strategy, seeking stakeholder feedback on the principles proposed to guide its support of renewable energy technologies in Australia.
Minister for Resources and Energy, Martin Ferguson AM MP, welcomed the release and encouraged stakeholders to take the opportunity to input into the debate on how renewable energy technology can best be supported.
“In seeking to increase the deployment of renewable energy we must focus our efforts on overcoming the significant challenges in reducing the costs of renewable energy technologies, and ARENA will help achieve this,” Minister Ferguson said.
“By providing support to improve the competitiveness of renewables, ARENA will play a pivotal role in stimulating investment in Australian renewable energy researchers and businesses.
“The funding strategy will set the framework for how ARENA works to achieve this and I urge stakeholders to get involved in shaping this important document by making a submission.”
ARENA is an independent statutory authority established in July 2012 as a part of the Australian Government’s Clean Energy Future package.
The agency’s $3.2 billion funding is guaranteed in legislation until 2020, providing long-term certainty for the renewable energy sector.
Each financial year ARENA is required to develop a funding strategy for the next three years for approval by the Minister for Resources and Energy.
The ARENA board will undertake a program of consultation with stakeholders on the draft funding strategy, including a one day national consultation forum between the ARENA Board and stakeholders.