In an encouraging update, Australia’s clean energy efforts are back on track. Energy Minister Chris Bowen announced to investors that the country’s energy transformation remains robust, despite recent concerns. With new wind, solar, and battery projects reaching financial close in 2024, more capacity has been secured than in 2023. Additionally, 5.5 GW of further capacity is due for financial close in the coming months, a clear indication that momentum is building.
Looking ahead, the government will tender 10 GW of new energy projects by December 2029, underscoring Australia's commitment to meeting its 82% renewable energy target by 2030. According to Bowen, “I expected it to work well, and it's working better than I thought it would,” highlighting the unexpected but welcome success of these initiatives.
However, challenges persist. Stephanie Bashir, CEO of Nexa Advisory Group, emphasised the importance of building 10,000 km of new transmission lines to connect renewable assets to the grid. This "missing link" is critical to the energy overhaul and is expected to play a key role in the upcoming market briefs.
Australia’s clean energy future continues to gain traction, making this an exciting time for innovators and households alike. With more support, increased capacity, and new initiatives like those from VoltaRocks, we’re confident that homes and businesses will have the tools to become more energy-independent.
Source: Back on track for clean energy overhaul, investors told
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