Plans to turbocharge the financing of more green energy projects through a federal underwriting scheme would get Australia most of the way to its 2030 renewables target, but new modelling warns the states and private sector will still have a pivotal role to play.
However, there are mounting concerns in the energy industry that the target will be difficult to achieve because time is running out to build enough additional renewable generation and storage projects, as well as thousands of kilometres of new high-voltage transmission lines to connect far-flung renewable energy zones to major cities, asEnergy and Climate Minister Chris Bowen has finalised the details of a publicly funded scheme to underwrite private investment in renewables, known as the...
Tristan Edis, Green Energy Markets’ head of analysis and advisory, said that would leave a nine-gigawatt gap that was not being filled by the government scheme. Green Energy Markets’ modelling is based on forecast electricity demand published by the Australian Energy Market Operator, and calculates the volume of electricity generation expected to come from rooftop solar panels, existing wind and solar farms and those currently being built or with an underwriting or offtake contract.While acknowledging the 82 per cent renewables target presented a huge challenge, Bowen says it remains one that the government is confident of meeting.
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