ARENA announces future investment strategy
22 November 2012
The Australian Renewable Energy Agency's (ARENA) has released its inaugural General Funding Strategy and Investment Plan for renewable energy technologies in Australia.
Minister for Resources and Energy, Martin Ferguson AM MP, said ARENA's strategy and investment plan paves the way for increasing the supply and improving the competiveness of renewable energy technologies in Australia.
"I am pleased to see that ARENA has identified a real opportunity for renewables in regional and remote locations,” Minister Ferguson said.
“Some of the best renewable resources are found in remote and off-grid environments in Australia, where the high cost of fossil fuel generation and increasing demand from industry creates opportunities for the deployment of large scale renewables."
“This strategy allows ARENA to be flexible and responsive to the market and works to Australia's strengths,” Minister Ferguson said.
ARENA Chair, Greg Bourne, said the General Funding Strategy and accompanying Investment Plan for 2012-15 includes strategic, supporting and complementary initiatives to drive long-term change.
“The General Funding Strategy will allow ARENA to be innovative, action-orientated and nimble, which aligns with the advice the industry gave us,” Mr Bourne said.
The Investment Plan includes four new programs aimed at delivering renewable systems in regional and remote locations, removing roadblocks for regional and remote renewable energy, building Australia’s next generation solar and developing a comprehensive knowledge sharing program.
It is projected that by 2035, clean energy sources could potentially supply about 40 per cent of Australia's electricity needs, or around four times as much as today.