Victoria is Targeting to Generate 25% of Electricity through Renewables by 2020

The Victorian government has revealed their renewable energy targets that would see about 25% of the state’s electricity generated by renewable energy by the year 2020, saying that investors have lost their faith in the national target according to a report by The Guardian.

The Climate Council and Ernst and Young published a report last June 8^th that stated  50% renewable electricity by 2030 would boost employment by about 50% more than the present trajectory towards 34% renewable by the year 2030. At present, 14% of Victoria’s electricity comes from renewable resources.

Lily D’Ambrosio, Victoria’s Minister of Energy, Environment and Climate Change said that the target would be raised to 40%by the year 2025 when she made the announcement at the Ararat wind farm last week. She added that it was anticipated that by the year 2025, up to 5400 megawatts of large-scale renewable energy capacity would have been constructed in Victoria, which represent an estimated investment of $2.5 billion. It’s also estimated that 4,000 jobs in the renewable energy sector will be created during the expected peak year of building in 2024. She also added that there would be 12% decrease in electricity sector greenhouse emission by 2034.

Daniel Andrews said that world was shifting to renewable energy and that Victorians expect the government to do the same. Andrews also stated that an auction scheme where the developers would bid to be the lowest price provider and the successful bidders will be given long –term contracts to support their projects which gives certainty to investors. Auctions for large-scale solar projects will be separate and will start early next year.

The targets will be enforced in legislation and are expected to be introduced into the parliament later this year. It’s also expected to form a key part of Victoria’s renewable energy action plan which will also be released later this year.

Click here to read the full story on The Guardian