Schwarzenegger is one of the panel of judges for the international award that honours outstanding sustainability performance.

The panel also includes UN Convention on Climate Change executive secretary Christiana Figueres; former Norwegian prime minister Gro Harlem Brundtland, former European commissioner for climate action Connie Hedegaard and the former chair of the Intergovernmental Panel on Climate Change, Dr Rajendra Pachauri.

The Sustainia Award is given to a solution, technology or project with potential to help build a more sustainable future.

Carnegie's 100% owned CETO technology was selected for the Sustainia 100 shortlist due to its potential for remote island markets, and was evaluated against five criteria: availability, environmental impact, financially viability, improvement of life quality; and scalability.

The award ceremony where the final Sustainia Award will be announced, will be held in Paris in December this year, to coincide with the UN COP21 Climate Change Summit.

Carnegie's Perth project is the only grid connected wave energy project operating anywhere in the world, providing both power and water to the HMAS Stirling naval base on Garden Island.

The three CETO units have cumulatively operated for more than 9500 hours, in line with expectations

Carnegie has now retrieved CETO 5 Unit 1 as part of the overall project maintenance strategy, validating its hot-swap methodology.

The unit is now undergoing inspection onshore after operating for over 4000 hours.

Carnegie's aim is to redeploy Unit 1 and progressively retrieve Units 2 and 3 during winter when installation and retrieval conditions are more challenging

More than $100 million has been spent developing the technology to date.

Design work is underway for the CETO 6 project which will increase output from one megawatt to three megawatts.