- Australia’s Victoria state to accelerate its energy transition to renewable power through investment.
- The investment will generate 4.5 gigawatts (GW) of new renewable energy to power about 1.5 million homes in Australia.
Australia’s Victoria state has said it would invest an initial A$1 billion ($630 million) to help accelerate its energy transition to renewable power. This is needed to support households’ switch from natural gas for heating and cooking.
The move follows the Victoria government’s decision in July to ban natural gas connections to new homes from next year. The gas sector contributes 17 per cent of emissions in the state, which has ambitious plans to reach net zero emissions by 2045, five years ahead of the federal government. The investment will generate 4.5 gigawatts (GW) of new renewable energy to power about 1.5 million homes in Australia’s second-most populous state.
Also, State Premier Jacinta Allan stated, “We’ll invest in government-owned renewable energy. This is to help households switch to all-electric and build the renewables workforce Victoria needs.” He added that Victoria is the country’s largest consumer of natural gas, with around 80 per cent of homes connected. But he said new homes requiring planning permits must connect to all-electric networks from January 2024. State Premier added the fresh investment will focus on increasing storage and onshore generation. This will help build industry confidence to attract further investment. She said it will help accelerate efforts to shift to 100 per cent renewable energy in every government office in the state by 2025.