Document ID: chunk:federal_register_of_legislation:F2023L01023:body:0:p4
Version: federal_register_of_legislation:F2023L01023
Segment Type: other
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Character Range: 8275–11606

must not act in a way that is likely to cause damage to the Australian Government's reputation.
    14.        Focus areas for the Corporation's activities

The Board must focus on clean energy technologies and financial products and structures that work to support Australia's greenhouse gas emissions reduction targets. In doing so the Board is strongly encouraged to prioritise investments that:
        (a)   unlock greater penetration of renewable energy and accelerate decarbonisation of Australia's electricity grid, while considering the potential impacts on reliability and security of electricity supply;
        (b)   support the deployment of clean energy technologies in Australian industry;
        (c)   support the development of clean energy manufacturing and processing capabilities in Australia;
        (d)   support technologies and projects to assist Safeguard Mechanism facilities to reduce their emissions, consistent with Australia's national trajectory to net zero and while supporting their international competitiveness;
        (e)   support greater uptake of clean energy technology measures in residential dwellings.
In addition to these focus areas, the Board should continue to seek out investments into:
        (f)    clean energy projects and businesses that support delivery of the Government's Reef 2050 Long-Term Sustainability Plan; and
        (g)   recycling or recycled content projects utilising clean energy technologies, with a particular focus on projects that promote National Waste Policy Action Plan 2019 targets and/or drive the use of recycled content, including waste plastics, paper, glass and tyres.
    15.        Rewiring the Nation Fund

Funding
The Board shall make available up to $19 billion for investments in projects that rebuild, modernise and strengthen Australia's electricity grids and energy systems. This is expected to be primarily achieved through investment in electricity transmission projects.
Investment factors
Consistent with the obligation to deliver on the object of the Act, the Board must have regard to positive externalities and public policy outcomes for its investments.
In considering investment proposals for the Rewiring the Nation Fund, the Board must take into account the following:
        (a)   whether the proposal supports the development or acceleration of an Integrated System Plan project or other electricity transmission project identified by the Board which satisfies or otherwise supports paragraphs (b) or (c);
        (b)   whether the proposal supports the development or acceleration of a project required to enhance long duration grid storage, enhance electricity distribution network infrastructure (including distributed energy resources), or enhance electricity grid infrastructure to support a hydrogen hub or offshore electricity project;
        (c)   whether the proposal otherwise serves to reduce the greenhouse gas emissions, or supports or strengthens the security, reliability and affordability, of Australia's electricity grids (including demand management projects).
The Board may seek and consider the advice of the Rewiring the Nation Office, the Australian Energy Market Operator and/or the Australian Energy Infrastructure Commissioner in respect of the Corporation's activities relevant to the Rewiring