The Albanese government is running a new scheme to reach its renewable energy goal.Credit:Joe Armao
However,there are mounting concerns in the energy industry that the target will be difficult to achieve because time is running out to build enough additional renewable generation and storage projects,as well as thousands of kilometres of new high-voltage transmission lines to connect far-flung renewable energy zones to major cities,asfarmers and landholders fight plans for new poles and wires on their land.
Energy and Climate Minister Chris Bowen has finalised the details of a publicly funded scheme to underwrite private investment in renewables,known as the Capacity Investment Scheme.
The program,unveiled in November,targets the construction of 23 gigawatts of renewable energy generation by the end of the decade,as well as nine gigawatts of additional “dispatchable” assets,such as batteries and pumped hydro,that can store clean energy and provide it to the grid when needed.
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New modelling from Melbourne-based energy consultancy Green Energy Markets calculates that 32 gigawatts of new generation – beyond what is already operating,under construction or under contract – is required to satisfy electricity demand and achieve the government’s 2030 renewable target.
Tristan Edis,Green Energy Markets’ head of analysis and advisory,said that would leave a nine-gigawatt gap that was not being filled by the government scheme.
“The national 82 per cent target for 2030 will require new investment in around 32,150 megawatts of new renewable energy projects,capable of generating around 89,258 gigawatt-hours of energy per annum,” Edis said.