The target, launched in 2001 and reduced in 2015, called for Australia to generate 33,000 GWh power from large-scale renewable energy by 2020. Australia's total power generation is presently around 260,000 GWh, according to Reuters.
The clean energy industry reports A$24 billion ($16 billion US) has been invested in renewable energy in the last 18 months alone, while wind and solar have gone from the most expensive form of power in 2001 to the least expensive today.(Source: Clean Energy Regulator, Reuters, Sept., 2019) Contact: Australia
Clean Energy Council, Kane Thornton, CEO, +61 3 9929 4100www.cleanenergycouncil.org.au
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The Victorian target
aligns with its federal counterpart, which proposes a nationwide target of 50 pct renewables by 2030, and matches the targets made by the Queensland and Northern Territory Labor governments.
(Source: Various Media, ReNew Economy, 8 Nov., 2018)
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In FY18, CEFC set a new record in investment commitments, 53 pct of which went into renewable energy. In the 12 months to 30 June 2018, the Australian government's green bank invested in 10 large-scale solar projects and four wind farms, to deliver an additional 1,100MW in clean energy across Australia. This included $94 million for the Kennedy Energy Park, Australia's first fully integrated hybrid project that will combine 43.2 MW in wind capacity, 15 MW of solar PV, and 2 MWh of battery storage, as well as projects delivering low-cost energy to large industrial and commercial energy users through innovative power purchase agreements.
Overall, the CEFC made commitments of $2.3 billion, with 39 direct investments in renewable energy, energy efficiency, transport and waste-related projects --
$939 million in energy efficiency, $100 million in transport and $127 million in waste-related projects.
Since its founding in 2013, CEFC has financially underpinned 2,400 MW of renewable energy projects, including more than 20 large-scale solar farms and 10 wind farms Australia-wide.
(Source: CEFC, July 30, 2018) Contact: Clean Energy Finance Corporation, www.cefc.com.au
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