The Federal Government has announced significant injections for the renewable energy sector after the handing down of the Federal Budget.

 

Two renewable energy initiatives have been announced by the Federal Budget:

  • Funding for the Emerging Renewables program, and increasing this program from $40 million to $100 million; and
  • Funding for the $100 million Renewable Energy Venture Capital Fund out to 2023-24 to assist early-stage renewable energy companies.

 

The $100 million Emerging Renewables program is aimed at reducing access costs to emergent renewable energy technologies  businesses and the community by introducing a 'more flexible approach to funding and program delivery for renewable energy projects, while developing skills and capacity building in the sector.

 

Applications for the $100 million Emerging Renewables program are expected to open in the coming months.

 

The Australian Centre for Renewable Energy (ACRE) Board, which comprises some of the nation’s leading renewable energy experts, will assess applications for the program.

 

The Federal Government committed $40 million to the establishment of Emerging Renewables during the election and has now supplemented this with unallocated ACRE funds, taking available Emerging Renewables funding from $40 million to $100 million

 

Early stage Government equity investments for small, start up renewable energy companies have been promised after the announcement of creation of Renewable Energy Venture Capital Fund.

 

The Fund will be administered by ACRE, and applications for up to two venture capital fund managers are now open.

 

Also announced has been

  • $50 million United States-Australia Solar Research Collaboration initiative which will be designed to conduct further research into reducing the costs of solar technologies.
  • $61 million to establish a National CO2 Infrastructure plan to investigate CO2 storage hubs
  • A $38 million extension for Ethanol Production Grants Program

 

Cuts to the sector include

  • $420 million over five years from Carbon Capture and Storage Flagships
  • $45 million ovet wo years for Global Carbon Capture and Storage Institute
  • $150 million to Solar Flagships program
  • 12.8 million from National Low Emissions Coal Initiative