How The Crossbench Saved Renewable Energy In Australia

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How The Crossbench Saved Renewable Energy In AustraliaA new report from The Australia Institute (TAI) reveals the crucial role the Senate crossbench has played in securing billions of dollars of investment in Australia’s renewable energy industry.

“When they came to power, the Coalition tried to take an axe to renewable energy investment in Australia,” said Ben Oquist, TAI’s Executive Director. “Thankfully, by working with Labor and The Greens, the crossbench stopped that from happening and saved more than $23 billion of future investment in the renewables sector.”

The Australian Renewable Energy Agency ( ARENA ) mission is to boost renewables and reduce emissions by driving innovation and commercialisation. In June 2014, a bill to abolish ARENA was introduced, but was thwarted when it became clear that it had the support from various corners. It has gone on to issue grants worth $864 million. In total, ARENA has provided grants of $1.2 billion to projects with a total value of nearly $4.4 billion

The Clean Energy Finance Corporation ( CEFC ) began making investments in 2013. In 2013, the Abbott Government attempted to abolish the CEFC, twice. Both attempts were blocked.

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