Australia Accelerates Renewable Energy Expansion with 32 GW Capacity Boost Plan

Australia in a move to fortify the nation's power supply and meet ambitious clean energy targets, the Australian federal government has announced the expansion of its Capacity Investment Scheme for renewables. 

Climate and Energy Minister Chris Bowen highlighted the initiative as a crucial step in mitigating the risks associated with aging coal-fired power stations and ensuring a more reliable energy grid.

Bowen emphasized the urgency of transitioning to new energy sources before the closure of coal-fired power stations, stating, "The biggest threat to our energy system at the moment is aging coal-fired power stations. They break down, sometimes unexpectedly, putting too much pressure on our energy grid. So we need to get new energy, not after the coal-fired power stations have closed but before they close so that our system is as reliable as possible."

The expanded plan aims to add 32 GW of capacity to the energy market, equivalent to about half of the total current National Energy Market that covers the eastern states and territories and South Australia. 

This move aligns with Australia's target of achieving 82 percent renewable energy by 2030, making the transition more reliable and creating new job opportunities. Currently, renewables contribute around 35 percent to Australia's total energy supply.

Climate Council CEO Amanda McKenzie emphasised the importance of ramping up renewables in the current decade to cut pollution and address climate change concerns, envisioning a future where Australia relies less on expensive coal and gas.