Submission to the Senate Economics Legislation Committee on the Australian Renewable Energy Agency (Repeal) Bill 2014
This submission is in response to the Australian Government’s Australian Renewable Energy Agency (Repeal) Bill 2014, which seeks to abolish the Australian Renewable Energy Agency (ARENA) by repealing the Australian Renewable Energy Agency Act 2011 and move the management of ARENA’s functions and existing commitments into the Department of Industry.
The Business Council of Australia recommends that, as part of an integrated approach to climate change and energy policy in Australia, that:
ARENA be retained with a revised investment mandate that is expanded to encompass support for the development of emerging low-emission technology (such as carbon capture and storage), in addition to renewable energy technology, to allow for the development of a greater range of least-cost greenhouse gas abatement technologies.
ARENA’s board and its governance structure should also be retained and continue its independent, commercially-driven approach to support of emerging energy technologies.
ARENA’s funding be reduced to an ongoing rolling fund of $100 million per annum and the rest of the funds be returned as a saving to the government’s budget.