The Australian state of Victoria has passed legislation which targets a shift to 40% renewable energy by 2025.
Targets the local government says will lead to annual savings of $140,000 for large corporates and a 16% reduction in greenhouse gas emissions from the state’s electricity sector by 2034-35. And the move is also estimated to result in around 11,000 new jobs in the sector.
“Renewable energy creates jobs and will help drive down power prices for Victorian households and businesses. These legislated targets remain the one constant for renewable energy investor confidence in Australia and the message is clear — Victoria is open for business,” said Victoria’s Minister for Energy, Environment and Climate Change Lily D’Ambrosio.
It is the latest statement of intent from Victoria. Earlier this year former US Vice President Al Gore helped launch a $146 million package of renewable energy investments in the state, as part of its Renewable Energy Action Plan.