Victoria is setting up to be a global leader in emissions reduction in the world by cutting Victoria’s emissions by 75–80% by 2035, creating a significant investment opportunities across the states clean energy sector.
This target builds on Victoria’s record success to date – having already cut emissions by 32.3%, below 2005 levels.
Victoria is decarbonising at the fastest rate in the country, cutting its emissions by more than any other state since 2014.
A number of projects have been undertaken across Victoria in response to these targets - delivering zero-emissions transport, helping farmers cut emissions, storing carbon in our landscape and driving down emissions in the waste sector through the circular economy.
In addition, the State Government of Victoria’s operations will be powered with 100% renewable electricity by 2025.
These new targets will ensure Victoria seizes the enormous economic opportunity climate change action presents – generating $63 billion of benefit to the economy, helping to create thousands of jobs and opening the state up to global investment opportunities across the thriving clean energy sector.
The re-establishment of the State Electricity Commission (SEC) will be a key driver reducing emissions and bringing down power bills through $1 billion of initial investment into new renewable, government-owned energy. This investment will deliver 4.5 gigawatts of renewable power – the equivalent of Loy Yang A.
Victoria’s target of 95% renewable energy generation by 2035, renewable energy storage target of 6.3 GW by 2035 and offshore wind energy targets will also enable the state to make this historic transition.
Also, this year (2023), the State Government of Victoria will legislate these emissions reduction target of 75-80% by 2035 and net zero emissions by 2045.
Victoria is already the renewable energy capital of Australia, and now, it will have the biggest energy storage targets in the country too, making it the ideal destination for investors.
Read more about opportunities in Victoria’s clean energy sector.
To explore available investment opportunities, contact our team.