24 major energy companies including AGL, GE and Tesla, have signed an open letter to Australia’s parliament criticising plans to impose cuts of 1.3bn AUD ($1bn USD) on the Australian Renewable Energy Agency (Arena). It includes a $1.3bn cut to Arena, which removes its future grant-making ability, essentially abolishing the agency. The country’s coalition government has removed Arena’s grant-making ability, effectively abolishing it. The companies warn that investment confidence would be undermined by such a cut, and that supply chains and skills could be lost permanently. “Australia is one of only two countries in the world with no renewable energy agency – we need one,” said Andrew Forrest, chief executive officer at the ETA.
24 major energy companies including AGL, GE and Tesla, have signed an open letter to Australia’s parliament criticising plans to impose cuts of 1.3bn AUD ($1bn USD) on the Australian Renewable Energy Agency (Arena). The country’s coalition government has removed Arena’s grant-making ability, effectively abolishing it. The companies warn that investment confidence would be undermined by such a cut, and that supply chains and skills could be lost permanently. “Australia is one of only two countries in the world with no renewable energy agency – we need one,” said Andrew Forrest, chief executive officer at the ETA.