The Australian Renewable Energy Agency (ARENA) has published its annual report, revealing that the funding committed in 2023–24 increased to $392.5 million.
ARENA said the report demonstrates a strong year of delivery, funding and impact of innovative projects accelerating Australia’s transition to net zero emissions.
In financial year 2023–24, ARENA increased funding committed to $392.5 million and doubled the number of projects committed to 72, up from $358 million and 35 projects in 2022–23.
ARENA’s funding was underpinned by the project assessment and approval process for two funding rounds:
- Community Batteries Round 1 – conditional approval of up to $143 million to support the roll out of up to 370 community batteries across Australia
- Hydrogen and Iron and Steel Funding Rounds – $59.1 million in funding across 21 research projects to support research and development and commercialisation activities covering renewable hydrogen and low emissions iron and steel.
ARENA CEO, Darren Miller, said the funding rounds represented both what the agency has traditionally done best, while also supporting the energy transition with new asset classes and technologies.
“ARENA’s impact is based on collaboration, funding and knowledge sharing. An essential part of that working model is the strong partnership we have built with industry, regulators, investors and innovators,” he said.
“Whether that be at the research and development stage, or through to deployment, it’s important that the public and private sectors work together to maximise the benefits of renewable energy for Australian consumers and the economy.”
The report reveals that ARENA opened new programs and funding rounds in 2023–24, including:
- Hydrogen Headstart Round 1 – $2 billion in funding
- Solar Sunshot – $1 billion in funding
- Battery Breakthrough Initiative – $500 million in funding
- Powering the Regions – Industrial Transformation Stream Round 1 – $150 million ($400 million total across the program)
- Regional Microgrids Program (including the First Nations Community Microgrids Stream) – $125 million
- Sustainable Aviation Fuel Funding Initiative – $30 million
- National Industrial Transformation Program – $40 million
ARENA was also announced as the delivery agency for Hydrogen Headstart Round 2 – $2 billion and the Future Made in Australia Innovation fund – $1.5 billion.
“With a strong pipeline of funding for renewable energy projects available and our continued support for new and innovative technologies, ARENA is perfectly positioned to continue to support Australia’s energy transition and help meet our climate goals,” Mr Miller said.
Established by the Federal Government on 1 July 2012, ARENA has supported 735 projects with $2.61 billion in grant funding, unlocking a total investment of almost $12.63 billion in Australia’s renewable energy industry.
Read the 2023–24 Annual Report here.
