The Commonwealth and NSW governments have announced a new $2 billion energy agreement that will support increased investment in clean energy in the state.
The deal between the NSW Government and the Federal Government will include funding for transmission projects ‘Humelink’ in southern NSW and the Queensland-NSW interconnector, and for the nation’s first dedicated renewable energy zone in NSW’s Central West.
Clean Energy Council Chief Executive Kane Thornton said the support for further transmission and a Renewable Energy Zone should provide some exciting opportunities for a wider rollout of renewable and storage technologies in NSW.
“The agreement is a positive step forward for the continued growth of the NSW renewable energy sector,” Mr Thornton said. “We’re looking forward to working with both governments on the practical details included in the agreement.”
Mr Thornton said the exact details of the investment and initiatives are still unclear.
“While we are still waiting on the detail of where and how the $2 billion will be spent, any initiatives to speed up the rollout of clean technologies, such as hydrogen research, are very exciting for NSW.”
Underwriting Humelink and the QLD-NSW interconnector and providing funding for the Central West NSW renewable energy zone will strengthen grid reliability and unlock more opportunities for renewable energy investments. These projects are significant in NSW’s transition towards clean, reliable and affordable energy.
Recent analysis by the Clean Energy Council revealed new investment commitments in large-scale renewable energy projects collapsed by more than 50 per cent in 2019.
“These initiatives are a positive move to bring back investor confidence in renewable energy projects, but we also need to address the ongoing policy gaps and regulatory barriers facing new generation. And of course there is still a pressing need for an enduring federal energy and emissions policy,” Mr Thornton said.
Please contact Clean Energy Council Digital & Marketing Manager Andreas Wenzel on 03 9929 4114 for more information or to arrange an interview.