In Australia, the Victoria Legislative Council has passed the Labor government's Renewable Energy (Jobs and Investment) Bill 2017, a Bill that the government says "enshrines ambitious new renewable energy targets for Victoria of 25 percent by 2020 and 40 percent by 2025" in law.
According to a statement, the Victorian Renewable Energy Targets (VRET) will cut the average annual cost of power for Victorians by around AU$30 for households, AU$2 500 for “medium” businesses and AU$140 000 for large companies, while driving a 16 percent reduction in Victoria’s electricity sector greenhouse gas (GHG) emissions by 2034-35.
The legislation narrowly passed the Legislative Council by 20-18 votes on October 20. The Labor government estimates that it’s renewable energy targets will create up to 11 000 jobs in Victoria and deliver much-needed supply into the national market.
This is an historic day and I’d like to thank all of the community campaigners who’ve been such passionate advocates for this important legislation. 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 Lily D’Ambrosio, Minister for Energy, Environment and Climate Change.
Facts
About VRET
In June 2016, the Victorian Government committed to Victorian renewable energy generation targets of 25 percent by 2020 and 40 percent by 2025. The now passed Renewable Energy (Jobs and Investment) Bill 2017 legislates the Victorian Renewable Energy Targets. The Bill is part of a package of policy reforms designed to deliver investment and employment in Victoria, ensuring a sustainable economy for current and future generations. This package includes the Climate Change Act 2017, TAKE2 pledge program, New Energy Jobs Fund, Renewable Energy Action Plan and Government renewable energy purchasing. VRET will be supported by the Victorian Renewable Energy Auction Scheme (VREAS), offering long-term contracts to successful renewable energy projects.
