ARENA needs lifeline
Experts want the Morrison government to save the Australian Renewable Energy Agency (ARENA).
The Australia Institute's pre-budget submission calls on the coalition to provide a two-year funding extension for ARENA, which is due to run out of money for new projects in the middle of this year.
The left-leaning think-tank says annual funding of $230 million in both 2022/23 and 2023/24 will allow the agency to continue its important work.
Locking in the agency's long-term future would cost an estimated $2.5 billion over 10 years.
“ARENA has been essential in bringing down the cost of renewable energy in the last decade but its work is far from finished,” the institute's Dan Cass said.
“The next renewable energy challenges for Australia are grid integration, storage and reliability, as well as new export opportunities in green hydrogen and zero-emissions electricity.”
He says Australia needs ARENA if the nation is to do its share in reducing global emissions.