According to The Australian Financial Review, the Albanese government will supercharge its struggling 82 per cent clean energy goal by dramatically expanding its underwriting of green generation and storage, effectively replacing the Renewable Energy Target favoured by some wind and solar proponents.
In a major overhaul triggered by growing fears of grid instability as coal and gas exits the system, Climate Change and Energy Minister Chris Bowen will present state and territory counterparts with an expanded “Capacity Investment Scheme” at a meeting.
The shake-up, which specifically excludes support for gas projects, aims to accelerate investment in wind, solar and batteries by giving proponents certainty over their revenues.
In an effort to unlock regulatory bottlenecks, it also contains incentives for states and territories who streamline approval processes by dangling a greater share of six-monthly “capacity auctions”.
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