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The Prime Minister said the government would now focus on unlocking new technologies in the hopes of driving down costs, creating jobs, improving reliability and reducing emissions.

World Wildlife Fund Australia's energy transition manager Nicky Ison - who has been working in the renewables sector for more than a decade - said the announcement did not go far enough.

"We see it as, hopefully, the first in a series of announcement between now and the October and May budgets."

"Gas and fossil fuels are now a distraction for the main game, which is renewables," she said.

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She said the amount of resources Australia has at its disposal for solar and wind projects far exceed those for fossil fuels.

The WWF, along with Ernst & Young, released a report earlier this year concluding that more than 100,000 jobs were available in the fields of construction, transmission, battery manufacturing, local solar, electric buses, and renewable hydrogen.

Ms Ison said Australia could "future-proof" its economy with strong commitments to renewable energy.

"Gas is too expensive, too polluting, and not needed for our energy future. We're not advocating that we stop using the gas we already have, but we don't think there's any need for new gas pipelines or extraction."

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Energy Minister Angus Taylor said the government recognised the strong growth in emerging energy technologies.

"ARENA has played an important role in this growth, and as the cost of renewable technologies has fallen dramatically, the government is investing in the future of ARENA to support the next generation of energy technologies," he said.

In response to the WWF's claims, a spokesperson for Mr Taylor's office said on Thursday evening that "the government recognises the future of clean energy technologies which is why we announced a $1.9 billion package today, which will support nearly 35,000 jobs".

Opposition Leader Anthony Albanese accused the government of trying to "emasculate" both ARENA and the CEFC.

"This government has never liked ARENA or the Clean Energy Finance Corporation," he said."They have tried to abolish it - and now they are trying to emasculate it. The fact is that this government don't support renewables even though what we know is that the cleanest and cheapest form of new energy in Australia is renewables."