u The renewable energy sector is one of the world’s fastest growing areas of economic activity. Global investment in renewable energy has grown six-fold from 2004 to 2015, reaching one-third of a trillion dollars.*

u The Victorian Government’s renewable energy targets will ensure that Victoria takes advantage of that new investment, helping the state become a national leader in renewable energy and creating thousands of new jobs.

u The Andrews Government will ensure that at least 25% of the state’s electricity will come from Victorian-built renewable generation by 2020, and 40% by 2025. This will see up to 5400 megawatts of new renewable energy generation capacity. Achieving Victoria’s targets will see around $2.5 billion invested in the Victorian renewable energy sector.

u By 2020, this policy will mean over 3000 additional jobs in the Victorian renewable energy sector. At the peak of construction, it is estimated that there will be over 4000 additional people employed in the construction and operation of new Victorian renewable energy projects.

u An auction scheme will allow companies to bid for long term contracts to provide extra renewable energy. This will provide revenue for the development of large-scale renewable energy projects.

u The Victorian Government has committed to a target of net zero greenhouse gas emissions by 2050, with a pledge program to help deliver 5 year interim targets. Victoria’s renewable energy targets will be a major contributor to the sectoral pledge for the energy sector.

u New Energy Technologies will be vital to the future of the planet, and our state. The Victorian Government has released a New Energy Technologies Sector Strategy to benefit from the energy sector transformation underway, and capitalise on new and developing energy technologies.

u By transitioning to renewables now, Victoria will enjoy the economic and environmental benefits sooner and avoid potential bigger charges and costs in the future.

u Renewable energy is a vital component in fighting climate change. It is also crucial to the renewal of Victoria’s economy, with the potential to create many thousands of new jobs in the development, manufacture, installation and management of renewable energy technologies like wind and solar.

To find out more about the Victorian renewable energy targets, go to www.energyandresources.vic.gov.au/energy/sustainable-energy

That’s why the Victorian Government is getting on with the job of transitioning

to a renewable energy future.

New Energy. New Jobs.25% renewable energy by 2020. 40% renewable energy by 2025.

FAC

T SHEET:

Victoria’s renewable energy targets

*Bloomberg New Energy Finance estimate