The Australian Government announced an AUD 1.9 billion investment package supporting low-emission energy projects. To facilitate these investments, the mandates of the Australian Renewable Energy Agency (ARENA) and the Clean Energy Finance Corporation (CEFC) will be expanded.
The package, which was revealed on September 17, 2020, aims to get the country’s emission-intensive manufacturing, transport, and agriculture sectors on track to reach net-zero emissions in the second half of the century. It includes funding for different low-emission technologies meant to secure and create jobs, lower emissions, cut energy costs for households, and improve the reliability of Australia’s energy supply. The measures include:
- A new Carbon Capture Use and Storage Development Fund for piloting carbon capture projects (AUD 50 million)
- A new Technology Co-Investment Fund to support agriculture, manufacturing, industrial, and transport sector businesses that adopt technologies that increase energy productivity (AUD 95.4 million)
- Support for micro-grids in regional and remote communities (AUD 67 million)
- Investments in home and business energy productivity (AUD 52.2 million)
- Setting up a hydrogen export hub (AUD 70.2 million).