Top Posts
African climate change projects secure major funding
Former French PM urges China, Europe to unite...
NDDC, FOSDO launch tree-planting campaign to address climate...
WHO unveils an ambitious blueprint for action on...
New report shows nearly 900 million poor people...
Lagos to Host 2025 International Climate Change Summit
New study shows overheating world will add 57...
NAICOM urges W’African insurers to invest in climate...
Climate change: Nigeria, development partners launch Net Zero...
Nigeria launches net zero project to fight climate...
EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World
World

Albanese govt to expand investment scheme for clean energy projects

by admineconai November 23, 2023
written by admineconai November 23, 2023
745

The Albanese government has said that it will radically expand a taxpayer-underwritten scheme to support new clean power generation and storage capacity, acknowledging it is needed to meet its objective of Australia running on 82% renewable energy by 2030.

The climate change and energy minister, Chris Bowen, is expected to confirm the expansion of the capacity investment scheme on Thursday after officials advised the government further intervention was needed to meet the electricity target and firm the grid as ageing coal plants retire.

Bowen said that the government would underwrite 32 gigawatts of new electricity, consisting of 9GW of storage and 23GW of variable renewable generation. Fossil fuels, including gas-fired power, will not be eligible. The government’s goal, according to him, is to de-risk clean energy investments and shield consumers from price volatility during a transition to net zero emissions.

Read also: Energy watchdog says companies still investing too much in fossil fuels

It follows evidence that investment in large-scale solar and windfarms has fallen significantly this year. The Clean Energy Council has warned the first half of 2023 was the slowest start to a year for financial commitments on major clean energy developments since 2017.

Analysts have said that while solar and wind are the cheapest forms of new energy generation, farms will not be built at the pace required to meet the 82% target and live up to climate commitments without additional policy support.

According to reports, the government has also faced pressure to respond to the US Inflation Reduction Act, which included A$560bn support for clean energy and has escalated global competition for climate-focused investment.

It is unclear how much the capacity investment scheme, which will effectively replace the federal renewable energy target, will cost between now and 2030, or how much revenue is expected to be raised. The scheme involves the government underwriting new investments in renewable generation and storage through “contract for differences” that share the risks between investors and taxpayers.

Story was adapted from the Guardian.

AlbaneseClean energyExpansiongovernmentInvestment
0 comment 0 FacebookTwitterPinterestEmail
admineconai

previous post
Energy watchdog says companies still investing too much in fossil fuels
next post
Data shows toxic air killed more than 500,000 people in EU in 2021

Related Posts

Former French PM urges China, Europe to unite...

October 22, 2025

WHO unveils an ambitious blueprint for action on...

October 20, 2025

New report shows nearly 900 million poor people...

October 20, 2025

New study shows overheating world will add 57...

October 16, 2025

Heaviest monsoon in a decade kills 458 people...

October 9, 2025

Council releases first fully electric bin lorry

October 9, 2025

Study shows US asthma inhalers produce same emissions...

October 7, 2025

Pope Leo hits out at climate change critics

October 3, 2025

Protesters seek $5tr payment from fossil fuel companies

October 1, 2025

UN official says climate change displaces up to...

September 30, 2025

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

  • Facebook
  • Twitter
  • Instagram
  • Linkedin
  • Bloglovin
  • Vimeo

@2021 - All Right Reserved. Designed and Developed by Eco-Nai+

EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World