The federal government introduced new regulations to expand the remit of Australian Renewable Energy Agency (ARENA) to include a wider range of clean energy technologies, including priorities set out in the Technology Investment Roadmap.
The Technology Investment Roadmap is a strategy to accelerate development and commercialisation of low emissions technologies outlined in September 2020.
The regulations follow a governmental commitment to drive down the cost of deploying priority low-emission technologies and enable ARENA to provide financial support to priority technologies identified under the roadmap.
These technologies have been identified in the Annual Low Emissions Technology Statements (LETS) and include clean hydrogen, and carbon capture utilisation and storage (CCUS).
CO2CRC, a world leader in CCUS research, said Australia could benefit both environmentally and economically from developing these clean technologies.
“This [change] will encourage the development, application and scaling up of technologies that can strengthen industry and create jobs while reducing CO2 emissions,” said CO2CRC Chief Executive David Byers.
Byers also said technology like CCUS will be vital for achieving long-term emissions reduction goals, contending that Australia has some of the best access to latest CCUS technologies and expertise, including some of the world’s best basins for storing carbon dioxide.
ARENA was created to provide dedicated funding to Australia’s emerging renewable energy sector, and will now include financial assistance across a wide range of the Morrison government’s emissions roadmap.
For more information visit the ARENA website.