Australia’s Victoria government edges closer to signing renewable energy targets into law

The government of Victoria is aiming to become the first state in Australia to sign its renewable energy targets into law, as the national government quarrels over energy policy beyond 2020.

If state Premier Daniel Andrews can negotiate the Victorian renewable energy targets (VRET) of 25% by 2020 and 40% by 2025 through the upper house, it would represent an unparalleled legislative commitment to renewable energy in Australia.

Environment Minister Lily D’Ambrosio said the proposed legal enshrining of the targets would send a strong signal to investors in the renewables sector.

“These are ambitious yet achievable targets and this is the policy certainty and it’s the right policy that industry has been deeply searching for to make sure they can actually make the right decisions to invest in our state,” she said.

Victoria will hold imminent renewable energy auctions, when prospective companies will bid to construct a 650MW project which could be worth up to $1.3 billion to the government.