Document ID: chunk:federal_register_of_legislation:F2024L01269:clause:1_1:p1
Version: federal_register_of_legislation:F2024L01269
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 1/2)
Character Range: 2991–6086

1  Introduction

The Australian Renewable Energy Agency (ARENA) was established on 1 July 2012 by the Australian Renewable Energy Act 2011 (Cth) (ARENA Act). ARENA is a Commonwealth corporate entity under the Public Governance, Performance and Accountability Act 2013 (Cth) (PGPA Act).

The ARENA Act is supported by the Australian Renewable Energy Agency Regulation 2016 (Regulation), which extends ARENA's functions with respect to renewable energy technologies to include electrification and energy efficiency technologies.

In October 2020 the Australian Government extended ARENA's funding, committing baseline funding of $1.43 billion to 2032. Since then, ARENA has received additional funding in each Commonwealth Budget totalling more than $10 billion.

This includes the May 2024 Federal Budget, where under the Future Made in Australia package, the Australian Government provided further funding of $7.1 billion over 16 years to target priority sectors including renewable hydrogen, green metals, low-carbon liquid fuels, processing and refining of critical minerals and clean energy manufacturing. These were committed through:
       * $1.9 billion replenishment of ARENA's baseline funding

       * the $1 billion Solar Sunshot program

       * a $2 billion second round of the Hydrogen Headstart program

       * the $500 million Battery Breakthrough Initiative

       * the $1.7 billion Future Made in Australia Innovation Fund.

Through our role in improving the competitiveness and increasing the supply of renewable energy in Australia, ARENA is helping to achieve the Government's climate change and energy objectives, anchored by emissions reduction goals of 43 per cent by 2030 and net zero by 2050.

In carrying out our work, ARENA supports the Government's commitment to meaningful engagement and reconciliation with First Nations people.

General Funding Strategy

The General Funding Strategy (GFS) guides how ARENA provides financial assistance in accordance with the ARENA Act, associated regulations and the PGPA Act.

ARENA is required to develop a GFS each year that sets out our principal objectives and priorities for the provision of financial assistance over the current and upcoming two financial years. The GFS is provided to the Minister for approval and remains in force until a subsequent version is approved by the Minister. ARENA may not enter into an agreement to provide financial assistance unless the assistance is in accordance with the GFS in force at the relevant time. It is the ARENA Board's responsibility to ensure the GFS is published on ARENA's website.

GFS relationship to the ARENA Corporate Plan and Investment Plan
       * The Corporate Plan is ARENA's primary planning document and is required under the PGPA Act. It sets out ARENA's overall strategy including ARENA's vision and purpose, key activities and approach to delivery, including organisational capability and cooperation, performance reporting and risk management approach.

       * The General Funding Strategy states the principal objectives and priorities