The Australian Government announced it intends to reduce ARENA’s funding over the next 3 years. ARENA still has more than $2.5 billion in funding to manage until the year 2022.
This announcement does not affect ARENA’s funding for the current year, nor the funding for those projects that have a signed funding agreement with ARENA. ARENA’s total funding envelope, including committed (and spent) funds remains substantial at around $2.5 billion including $1.5 billion in the out years.
ARENA is currently evaluating the impact the intended change will have on its existing programs and those projects in the pipeline. However, applications for funding through the Emerging Renewables Program, the Accelerated Step Change Initiative, and the Regional Australia’s Renewables programs, both the Community and Regional Renewable Energy Program, and the Regional Australia’s Renewables – Industry Program are still being accepted.
ARENA was established with the objective of catalysing change in the sector by improving the cost competitiveness and supply of renewables in the market and since it was established ARENA has successfully launched 4 new programs and manages 181 projects which account for committed funds of approximately $960 million.