The Victorian Government will introduce a Bill into parliament today to legislate increasing Victoria’s Renewable Energy Target (VRET) to 50 per cent by 2030.
The Renewable Energy (Jobs and Investment) Amendment Bill 2019 builds on the Victorian Government’s VRET legislation, which will ensure 25 per cent of the state’s electricity generation comes from renewable sources by 2020, and 40 per cent by 2025.
A strong renewable energy target will assist to boost a pipeline of renewable energy projects in Victoria and encourage businesses to invest in the local supply chain – particularly in regional areas.
Minister for Energy, Environment and Climate Change, Lily D’Ambrosio, detailed that an increased VRET will create around 24,000 jobs by 2030 and provide certainty and investor confidence for the renewable energy industry, driving an additional $5.8 billion in economic activity in Victoria.
“The Government’s VRET is not only creating thousands of jobs, it’s boosting TAFE enrolments – with Federation University establishing a dedicated Global Wind Organisation Standard Course to give Victorians the skills they need for work in this booming industry,” she said.
“Putting more renewable energy on the grid will also drive down the cost of power for Victorians – delivering savings of around $32 a year for households, $3,100 a year for medium businesses and $150,000 each year for large companies.”
The increased target will also help drive down emissions – achieving a VRET of 50 per cent by 2030 is the equivalent of taking 655,000 cars off the road for a year.