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Appea welcomes Arena expansion

20th May 2021

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) - The Australian Petroleum Production and Exploration Association (Appea) has welcomed changes to expand the investment remit of the Australian Renewable Energy Agency (Arena), saying it would help Australia reach net zero emission targets.

The Australian government has implemented changes to Arena legislation that will enable the agency to support the next generation of energy technologies.

The broadened remit will allow Arena to support technologies contained in the Low Emissions Technology Statement such as hydrogen, energy storage to back up renewable energy, low emissions aluminium and steel production, carbon capture and storage (CCS) and soil carbon.

In addition, the regulation will ensure that Arena can deliver the targeted programs outlined in the 2020/21 Federal Budget; the Future Fuels Fund, Industrial Energy Transformation Studies Program, Regional Australia Microgrids Pilot Program and the Freight Energy Productivity Program.

Last year the government announced a total funding package of A$1.62-billion for Arena including guaranteed baseline funding of A$1.43-billion over the next ten years.

The funding and expanded set of technologies would allow Arena to continue to work together with energy industry participants, the Clean Energy Finance Corporation, research institutions and other agencies to support innovation in clean energy technologies across the innovation chain.

Arena is also working on the four targeted Budget measures that will support more affordable and reliable power in regional Australia, new transport infrastructure and increase the competitiveness of energy-intensive industries.

Appea CEO Andrew McConville said expanding the focus of Arena to include a broader range of emissions reduction technologies, including CCS and hydrogen, was the right move for a clean energy future.

“Just as government investment in renewables has fast-tracked projects, this will do the same and create thousands of jobs in the process,” McConville said.

“The global oil and gas industry is leading the world in the practical deployment of this technology. In Australia, the oil and gas industry has been at the leading edge of researching and deploying CCS and greenhouse gas storage technologies.

“Natural gas is a pathway to a large-scale hydrogen industry. Australia’s liquefied natural gas (LNG) export success means the Australian upstream oil and gas industry has the technology, expertise, commercial and trade relationships to make, in particular, hydrogen exports a reality.

“Developing a local hydrogen industry could enable lower emissions both in Australia and internationally, reduce energy costs, deliver energy security, together with new employment and manufacturing opportunities,” McConville said.

ARENA’s current investment priorities include a focus on integrating renewables into the grid, accelerating the uptake of hydrogen and supporting industry to reduce emissions.

Edited by Creamer Media Reporter

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