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Investment in new energy technologies

The Australian Government is investing $1.9 billion in future technologies to lower emissions, support jobs now and into the future, cut costs for households and improve energy supply reliability.

The government is allocating an extra $1.62 billion for the Australian Renewable Energy Agency (ARENA), as well as expanding the focus of the Clean Energy Finance Corporation (CEFC) to back new technologies that will cut emissions in industry.

The Hon Scott Morrison MP, Prime Minister, said, ‘Solar panels and wind farms are now clearly commercially viable and have graduated from the need for government subsidies and the market has stepped up to invest.’

The Hon Angus Taylor MP, Minister for Energy and Emissions Reduction, added, ‘We will reduce the cost of new and emerging technologies, not raise the cost of existing technologies or layer in new costs to consumers and businesses through mandated targets or subsidies.’

For more information, see the Minister’s media release and the ARENA website.