The Australian Government just announced an expansion of the Capacity Investment Scheme which is intended to underwrite new renewable energy generation and storage.
The expansion brings the total size to an offer of 32GW capacity, up from 9GW.
The Australian Financial Review has more detail on the changes to the scheme.
Quotes from Investor Group on Climate Change’s Managing Director for Policy, Erwin Jackson
“An expanded Capacity Investment Scheme will draw investment to Australia and help put the Government on track to meeting its renewable energy goals.
“Institutional investors have a stake and responsibilities across the entire economy. Decarbonised electricity will reduce whole of economy costs and will lower energy bills for households.
“The Scheme will support a large buildout of batteries and large renewables projects, reducing our reliance on gas – being the most expensive source of energy.
“Renewable projects need investment, strong communities, and workforces to be built. Through upcoming Sector Plans and the recently announced Net Zero Authority the Government can foster thriving regions and ensure Australia remains competitive in the global economy.”