The Clean Energy Council has welcomed the momentous announcement by the Victorian Government to significantly increase its climate change and renewable energy targets and commit to co-invest in the deployment of 4.5 GW of new renewable energy over the next decade.
"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 coal-fired generation," said Clean Energy Council Chief Executive, Kane Thornton.
This deployment builds on the 9.7 GW of renewable energy already powering Victoria and the recent commitment from the Victorian Government to an energy storage target. It will also deliver the new energy supply so crucial to driving down power prices, ushering in a new era for the state.
The initial $1 billion investment via an equity fund will put the state on a new emissions reduction trajectory of 75-80 per cent by 2035 and net-zero by 2045.
"This is the renewable energy ambition that the Clean Energy Council has been advocating for, and Victoria is now leading the way," said Thornton.
"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 coal-fired power with clean, reliable, low-cost renewable energy. Today's announcement builds on the recently announced legislated renewable energy storage targets – 2.6 GW by 2030 and 6.3 GW by 2035 – and illustrates sensible planning that will keep the lights on for Victorians.
“On the back of Tuesday's announcement of a massive investment to accelerate transmission links, Victoria now has a strong roadmap for delivering the energy transition that is critical to both climate action and the state's economic prosperity."
For more information or to arrange an interview, contact:
Clean Energy Council Media Manager
+61 409 470 683