The Australian Renewable Energy Agency (ARENA) has launched an investment plan outlining how it will support the technologies needed to go zero emissions.
ARENA recently expanded its mandate to include low-emission technology and has now released its Financing and investment plan on how it intends to finance these technologies.
It will finance projects that optimize the energy transition such as energy storage, the commercialization of clean hydrogen production and support for the transition to low-emission aluminum and steel. It will also explore the possibilities of expanding carbon capture and storage technology.
Darren Miller, CEO of ARENA, said: âTo achieve net zero, we must invest today in the technologies that will transform our energy system and our economy in the years to come. Our new priorities are focused on the next generation of energy technologies that will position Australia as a leader in a net zero world. “
âWe have already committed over A $ 160 million (US $ 116 million) to hydrogen, but we need to continue to develop a clean hydrogen industry and an export market as this is still in its early stages. stammering. We must also support the transition of the aluminum and steel industry, whether through electrification, hydrogen or new alternatives in order to improve the competitiveness and the intensity of emissions of our industries. heavy. Finally, we will seek to intensify CCS and reduce the cost of soil carbon. As these are new areas for ARENA, we will consult with industry and researchers to develop our approach to these technologies.
the australian reported that Miller told a forum describing the plan that it could be ten years before hydrogen works on a large scale.
Australia takes a âtechnology-basedâ approach to achieving zero emissions. It has not yet set a net zero target, has not increased its climate ambitions under the Paris Agreement and has a “very insufficient” climate policy rating according to Climate action monitoring.