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Victoria moves to become first state to enshrine renewable energy targets in law

23rd August 2017

The Victorian government has introduced legislation to enshrine its renewable energy targets in law and establish a reverse auction mechanism to build 650 megawatts worth of new projects.

The premier, Daniel Andrews, announced the Victorian renewable energy targets (VRET) of 25% renewable energy by 2020 and 40% by 2025 in June 2016.

If Andrews can negotiate it past the upper house, the legislation introduced to parliament on Wednesday will make Victoria the first state to enshrine both its renewable energy targets and its commitment to invest in renewable energy in law.

That will send a strong signal to investors, environment minister Lily D’Ambrosio said, and provide certainty for both the energy industry and electricity consumers.

“These are ambitious yet achievable targets and this is the policy certainty and it’s the right policy that industry has been deeply searching for to make sure they can actually make the right decisions to invest in our state,” D’Ambrosio said.

 

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