In 2024 there was a strong Commonwealth Government policy emphasis on net-zero and decarbonization activities, supported by policies, acts and plans including the:
• Net Zero Authority
• Future Made in Australia
• Guarantee of Origin (GO) Scheme
• National Reconstruction Fund
• Hydrogen Headstart Program and Tax Incentive
• Powering Australia Plan
Reviews and reports released included the:
• Sector Pathways Review
• Climate Change Authority Annual Progress Report 2024
• Australian Energy Market Operator’s (AEMO) Integrated System Plan (ISP)
However, funding and focused initiatives specifically related to ocean energy remained limited to ARC-funded projects, the release of the draft Australian Sustainable Ocean Plan, and the ongoing offshore renewable energy area declarations supporting the previously declared Offshore Electricity Infrastructure Act 2021.
In addition to the Commonwealth Government's policy initiatives, Australia's state and territory governments have continued their support for renewable energy policies, primarily focusing on onshore renewable energy zone declarations and energy transformation plans. Specific support for ocean energy remains limited, with a notable exception being the Western Australia (WA) Government, through the Department of Primary Industries and Regional Development (DPIRD) support of the activities of Marine Energy Research Australia (MERA). Additionally, the WA Government Department of Jobs Tourism Science and Innovation (JTSI) have supported WaveX for a second year with local funding for advanced control system integration into the D-Spar™ through MERA at the University of Western Australia (UWA) and partnered with Curtin University.
MARKET INCENTIVES
Renewable Energy Target scheme
The Renewable Energy Target (RET) scheme encourages renewable electricity generation by aiming to reduce greenhouse gas emissions from the electricity sector through the Large-scale Renewable Energy Target that sets out to deliver 33,000 GWh of extra renewable electricity each year and also the Small-Scale Renewable Energy Scheme for smaller scale systems.
PUBLIC FUNDING PROGRAMNES
Australia supports ocean energy development through various national and state funding programs.
At the Commonwealth level, the Australian Renewable Energy Agency (ARENA) drives pre-commercial innovation, bolstered by $7.1 billion in funding announced in the 2024–25 Federal Budget. ARENA also supports the National Industrial Transformation Program that aims to reduce Scope 1 and Scope 2 emissions at existing or planned industrial facilities in Australia. However, no current ARENA projects directly target ocean energy.
The Cooperative Research Centre (CRC) program facilitates collaboration between industry and research sectors, which supports the Blue Economy CRC, as well as the CRC-P program which supports Australian industries ability to compete and produce in the short term, including funding for WaveX in partnership with University of Western Australia (UWA) and the Norwegian Geotechnical Institute (NGI).
In 2024 the Australian Research Council (ARC) funded ocean energy projects across institutions such as UWA, Royal Melbourne Institute of Technology (RMIT), Swinburne University, University of Adelaide, and the University of New South Wales (UNSW).
The Clean Energy Finance Corporation (CEFC) continues to promote private investment in large-scale commercial clean energy projects and provides concessional funding for interconnector projects. State governments also play a key role, with Western Australia actively supporting research and development through initiatives like the MERA offshore renewable energy innovation hub.
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