The Victorian Government has reaffirmed its commitment to a clean energy future by significantly upgrading its renewable energy target, committing to 95 per cent renewables in the state’s electricity grid by 2035, and a 75 to 80 per cent reduction in greenhouse emissions.
One month out from the Victorian state election, the Dan Andrews government has also raised its 2030 renewables target from 50 per cent to 65 per cent – the highest target in Australia – and set out its roadmap to net zero by 2045, five years ahead of Australia’s national target.
As part of an initial $1 billion investment, the state government has also committed to co-investing in the deployment of 4.5GW of new renewable energy in the next 10 years, as well as establishing a government-owned energy company to construct and operate solar and wind projects in a revival of the State Electricity Commission.
“Setting a target of 95 per cent renewable energy by 2035 sends a powerful signal to renewable energy investors that Victoria is determined to deploy large amounts of new renewable energy generation and manage the phase-out of coalfired generation,” says Clean Energy Council chief executive Kane Thornton.
Victoria is already powered by 9.7GW of renewable energy, and the government recently committed to Australia’s biggest energy storage target as part of a $157 million package supporting renewable energy generation and storage.
The state will reach 2.6GW of renewable energy storage capacity by 2030, with an increased target of 6.3GW of storage by 2035.
“This is the renewable energy ambition the Clean Energy Council has been advocating for,” says Thornton. “Victoria is now leading the way.
“The Victorian Government has recognised the importance of co-investment and the critical role of the private sector when it comes to infrastructure projects of this size.
“Victoria is replacing failing, costly and dirty coalfired power with clean, reliable, low-cost renewable energy. It builds on the recently announced legislated renewable energy storage targets and illustrates sensible planning that will keep the lights on for Victorians.”