ARKANSAS, Oct 26 (Future Headlines)- Victoria, one of Australia’s states, has announced a significant investment of an initial A$1 billion ($630 million) to expedite its energy transition towards renewable power and facilitate households’ shift away from natural gas for heating and cooking. This initiative comes after the Victoria government’s decision in July to prohibit natural gas connections to new homes starting next year. Notably, the gas sector is responsible for 17% of emissions in the state, which has set ambitious targets to achieve net-zero emissions by 2045, five years ahead of the federal government.
The A$1 billion investment is expected to generate 4.5 gigawatts (GW) of new renewable energy capacity, which is sufficient to power around 1.5 million homes in Victoria, the second-most populous state in Australia. This significant capacity expansion underscores Victoria’s commitment to transitioning to cleaner and more sustainable energy sources.
part of this investment, the government plans to bolster government-owned renewable energy projects. This includes supporting households in making the transition to all-electric systems, which is a pivotal step in reducing reliance on natural gas for heating and cooking. The investment aims to enhance storage and onshore energy generation while boosting industry confidence to attract further investment in the renewable energy sector.
Victoria intends to accelerate its efforts to achieve 100% renewable energy usage in every government office within the state by 2025. This commitment to clean energy reflects the state’s determination to lead by example in its energy transition journey.
The decision to ban natural gas connections to new homes, set to go into effect in January 2023, underscores the state’s commitment to reducing its dependence on fossil fuels and aligning with its ambitious emissions reduction goals.
Victoria’s substantial investment in renewable energy aligns with the global movement toward cleaner and more sustainable energy sources. By accelerating the transition to renewable power and reducing reliance on natural gas, the state takes a significant step towards achieving its emissions reduction targets and advancing the broader renewable energy sector in Australia.
Writing by Kevin Wood; Editing by Sarah White