Latest news with #ChrisBowen
ABC News
2 days ago
- Business
- ABC News
CSIRO report shows renewables still cheapest form of energy
Chris Bowen is the Minister for Climate Change and Energy and he speaks to Sarah Ferguson about the increased government support for clean energy projects.
Reuters
2 days ago
- Business
- Reuters
Australia boosts underwriting scheme for renewables to meet clean energy target
SYDNEY, July 29 (Reuters) - Australia will expand the volume of solar and wind projects it underwrites in the race to stabilise an ageing power grid and hit a target of 82% renewable energy generation by 2030, the energy minister said on Tuesday. Energy Minister Chris Bowen said the Capacity Investment Scheme, the government's flagship program to boost private investment in clean energy projects, would be expanded by 25%. That will help underwrite an additional 8 gigawatts of generation and storage projects, taking the scheme's total coverage to 40 GW. "As our ageing coal-fired power stations only become more expensive and more unreliable we need new generation now," Bowen told the Investor Group on Climate Change. "Our energy grid's transition remains urgent," he added in an excerpt of a speech released to media. Analysts project Australia will fall far short of its goal of 82% renewable energy generation by 2030, thanks to inadequate investment and grid connection delays. Under the scheme, the government calls for competitive tenders and agrees floor and ceiling limits on project revenue, paying the difference if it falls below the floor, while sharing in profits if the ceiling is exceeded. The six tender rounds held since the scheme's 2022 launch were "consistently and massively" oversubscribed, said Bowen, who is also the minister for climate change. The declining costs of batteries and solar power gave the government an opportunity to "supercharge" the transition to renewable energy, he said. Underwriting an additional 5 GW of dispatchable capacity, such as batteries, is expected to support investment of A$21 billion ($13.7 billion). A further 3 GW of wind and solar projects is expected to help to power an additional 1 million households. ($1=1.5333 Australian dollars)
Bloomberg
2 days ago
- Business
- Bloomberg
Australia Boosts Clean Energy Plan to Meet Lofty Renewables Goal
Australia will expand its flagship clean power program by a quarter to meet an ambitious target to more than double renewable energy generation by the end of the decade. The government's Capacity Investment Scheme, which guarantees project builders a minimum power price, will support another 3 gigawatts of renewable generation — enough to supply 1 million homes, Energy Minister Chris Bowen is due to announce later on Tuesday. It will also back 5 gigawatts of energy storage, which will support an additional A$21 billion ($14 billion) of investment.
The Guardian
2 days ago
- Business
- The Guardian
Albanese government substantially expands renewable energy scheme amid 2030 target concerns
The Australian government will substantially expand a renewable energy underwriting scheme as it aims to capitalise on the falling cost of solar panels and batteries and combat concerns it may struggle to meet its 2030 climate target. The climate change and energy minister, Chris Bowen, announced on Tuesday that the government would increase the size of its main climate and energy program – known as the capacity investment scheme – by 25%. It means Labor plans to underwrite the construction of 40 gigawatts of large-scale solar, wind and storage by the end of the decade. In capacity terms, this is nearly twice as much energy infrastructure as the country's existing coal-fired power fleet. The announcement follows concern the rollout of clean energy has been slower than promised due to issues with planning approvals for new electricity grid connections, supply chain delays and social licence concerns in parts of the country. Labor has a goal of 82% of grid electricity coming from renewable energy by 2030, up from about 42% of generation over the past year. Sign up: AU Breaking News email The renewables construction is also central to the government meeting its legislated 2030 emissions reduction target – a 43% cut compared with 2005 levels. An official projection of progress towards that target released in December suggested it was roughly on track to meet this. But the projection was greeted with scepticism by some analysts due to the slower than planned adoption of renewables and the lack of other policies that can drive short-term change. In excerpts from a speech that Bowen planned to give to an Investor Group on Climate Change event at parliament on Tuesday, the minister said the transition to clean electricity generation was urgent as ageing coal-fired power stations were becoming more expensive and unreliable. 'We need new generation now,' he said. He said the cost of deploying solar and batteries had fallen faster than expected – down 8% and 20% respectively over the past year, according to the CSIRO – giving the country the chance to 'supercharge' its transition. The underwriting program is open to only clean energy developments. Fossil fuels, including gas, are not eligible. The scheme does not involve an upfront subsidy. Contracts are won through a competitive tender and include floors and ceilings for revenue earned by a development. If the revenue is higher than agreed, the proponent pays the commonwealth a percentage of the proceeds. If it is lower than agreed, the commonwealth pays the difference to the proponent. Bowen said the first six tender rounds had been 'massively oversubscribed', and the government had secured $17bn of investment that would deliver 6.4GW of new clean generation and 2GW of dispatchable capacity, which typically means large-scale batteries. Under the expanded program, the government has promised to underwrite a total of 26GW of large-scale solar and wind and 14GW of storage or clean dispatchable capacity that can be called on when needed. It had previously promised 23GW of generation and 9GW of dispatchable capacity. Sign up to Breaking News Australia Get the most important news as it breaks after newsletter promotion The announcement comes during heightened focus on a national 2035 emissions reduction target due to be announced by September, and as a group of Coalition MPs led by the former Nationals leader Barnaby Joyce spruik a private member's bill that would abolish all government climate change programs. Civil society and climate-focused groups were hosting events in parliament on Tuesday calling for an ambitious 2035 target, ranging from a 75% reduction to reaching net zero by that year. Bowen met on Tuesday with the UN's top climate official, Simon Stiell, who is visiting several countries ahead of the Cop30 climate conference in Brazil in November. In a speech in Sydney on Monday, Stiell said the 2035 target would be a defining moment for Australia. He urged the government to not pick a 'bog-standard' number but to 'go for what's smart by going big'. Bowen said he welcomed Stiell's acknowledgment in his speech of the steps Australia was taking on renewable energy and batteries, and the UN official's emphasis on the economic opportunity that could come from rapid action. He said the government had not yet received advice on the 2035 target from the Climate Change Authority, led by chair Matt Kean. 'Targets are easier set than met,' Bowen said. 'We will set a target informed by the expert advice in the national interest.'
The Advertiser
2 days ago
- Business
- The Advertiser
Renewables subsidies boost as UN urges more ambition
The amount of renewable energy projects that the taxpayer will underwrite will be significantly expanded as Australia comes under pressure from the United Nations to step up its emissions reduction ambitions. Australia's Capacity Investment Scheme, which provides a guaranteed revenue floor for renewable generation and storage projects, will be increased by 25 per cent, Climate Change and Energy Minister Chris Bowen will announce on Tuesday. That means an extra three gigawatts of guaranteed generation - enough to power more than one million households - and a further five gigawatts of dispatchable capacity or storage - equivalent to supplying 4.6 million households with energy at peak times. The boost will take the total capacity of the scheme to 40 gigawatts. "Our energy grid's transition remains urgent. As our ageing coal-fired power stations only become more expensive and more unreliable, we need new generation now," Mr Bowen will tell the Investor Group on Climate Change, a network of super funds and other investors focused on funding the transition to net zero. "It remains the case that to rebuild Australia's energy grid into the modern, reliable and fairer system, we need to get renewables and storage online, faster. "It's right that the sunniest and windiest continent remains at the forefront of solar and wind innovation - and this backing shows the government intends for it to stay that way." The scheme has unlocked record investment in Australia's energy grid in its three years of operation and has put Australia on track to reach its target of 82 per cent renewable energy by 2030, Mr Bowen will say. It has proved a hit with investors, with all six tenders being massively oversubscribed - the most recent tender for dispatchable capacity, such as batteries and hydroelectricity, received 135GWh of bids compared to the 16GWh target. But while the government maintains it is on track to meet its 2030 clean energy and emissions reduction target, it has yet to release its target for 2035, which it is required to do by the UN in the coming months. Mr Bowen will meet with UN climate chief Simon Stiell in Canberra on Tuesday. Ahead of the meeting, Mr Stiell urged Australia to lead the way with an ambitious emissions reduction target for 2035. "It's a critical moment for all countries," he told ABC Radio National. "But for Australia specifically, there's an incredible opportunity to demonstrate what ambition looks like, to take full advantage of all of its natural resources in the green energy space, and to accelerate its transition away from its dependence on fossil fuels to new green technologies." Australia's current target calls for a 43 per cent reduction in greenhouse gases by 2030, but a more challenging target between 65 and 75 per cent by 2035 is being considered by the Climate Change Authority, which will advise the government. As a major exporter of coal and gas, Australia must also tackle exported carbon emissions as part of a global push to reduce reliance on fossil fuels, Mr Stiell said. The coalition is yet to announce its climate plan amid a sweeping post-election review of its entire policy suite. Its support for a net zero emissions target is being challenged by Nationals backbenchers, including Barnaby Joyce, Michael McCormack and Matt Canavan. Liberal frontbencher Tim Wilson, who's a strong supporter of the previous coalition government's plan to reach net zero by 2050, said the path to net zero must not compromise price and reliability. "I see the basis of getting to net zero emissions is contingent on net zero price increases and net zero outages if you want to get net zero emissions," he told Sky News. "If you actually have prices rise, if you don't have stability in our electricity grid and security in our electricity grid, unsurprisingly, support for emissions reduction declines with it." The amount of renewable energy projects that the taxpayer will underwrite will be significantly expanded as Australia comes under pressure from the United Nations to step up its emissions reduction ambitions. Australia's Capacity Investment Scheme, which provides a guaranteed revenue floor for renewable generation and storage projects, will be increased by 25 per cent, Climate Change and Energy Minister Chris Bowen will announce on Tuesday. That means an extra three gigawatts of guaranteed generation - enough to power more than one million households - and a further five gigawatts of dispatchable capacity or storage - equivalent to supplying 4.6 million households with energy at peak times. The boost will take the total capacity of the scheme to 40 gigawatts. "Our energy grid's transition remains urgent. As our ageing coal-fired power stations only become more expensive and more unreliable, we need new generation now," Mr Bowen will tell the Investor Group on Climate Change, a network of super funds and other investors focused on funding the transition to net zero. "It remains the case that to rebuild Australia's energy grid into the modern, reliable and fairer system, we need to get renewables and storage online, faster. "It's right that the sunniest and windiest continent remains at the forefront of solar and wind innovation - and this backing shows the government intends for it to stay that way." The scheme has unlocked record investment in Australia's energy grid in its three years of operation and has put Australia on track to reach its target of 82 per cent renewable energy by 2030, Mr Bowen will say. It has proved a hit with investors, with all six tenders being massively oversubscribed - the most recent tender for dispatchable capacity, such as batteries and hydroelectricity, received 135GWh of bids compared to the 16GWh target. But while the government maintains it is on track to meet its 2030 clean energy and emissions reduction target, it has yet to release its target for 2035, which it is required to do by the UN in the coming months. Mr Bowen will meet with UN climate chief Simon Stiell in Canberra on Tuesday. Ahead of the meeting, Mr Stiell urged Australia to lead the way with an ambitious emissions reduction target for 2035. "It's a critical moment for all countries," he told ABC Radio National. "But for Australia specifically, there's an incredible opportunity to demonstrate what ambition looks like, to take full advantage of all of its natural resources in the green energy space, and to accelerate its transition away from its dependence on fossil fuels to new green technologies." Australia's current target calls for a 43 per cent reduction in greenhouse gases by 2030, but a more challenging target between 65 and 75 per cent by 2035 is being considered by the Climate Change Authority, which will advise the government. As a major exporter of coal and gas, Australia must also tackle exported carbon emissions as part of a global push to reduce reliance on fossil fuels, Mr Stiell said. The coalition is yet to announce its climate plan amid a sweeping post-election review of its entire policy suite. Its support for a net zero emissions target is being challenged by Nationals backbenchers, including Barnaby Joyce, Michael McCormack and Matt Canavan. Liberal frontbencher Tim Wilson, who's a strong supporter of the previous coalition government's plan to reach net zero by 2050, said the path to net zero must not compromise price and reliability. "I see the basis of getting to net zero emissions is contingent on net zero price increases and net zero outages if you want to get net zero emissions," he told Sky News. "If you actually have prices rise, if you don't have stability in our electricity grid and security in our electricity grid, unsurprisingly, support for emissions reduction declines with it." The amount of renewable energy projects that the taxpayer will underwrite will be significantly expanded as Australia comes under pressure from the United Nations to step up its emissions reduction ambitions. Australia's Capacity Investment Scheme, which provides a guaranteed revenue floor for renewable generation and storage projects, will be increased by 25 per cent, Climate Change and Energy Minister Chris Bowen will announce on Tuesday. That means an extra three gigawatts of guaranteed generation - enough to power more than one million households - and a further five gigawatts of dispatchable capacity or storage - equivalent to supplying 4.6 million households with energy at peak times. The boost will take the total capacity of the scheme to 40 gigawatts. "Our energy grid's transition remains urgent. As our ageing coal-fired power stations only become more expensive and more unreliable, we need new generation now," Mr Bowen will tell the Investor Group on Climate Change, a network of super funds and other investors focused on funding the transition to net zero. "It remains the case that to rebuild Australia's energy grid into the modern, reliable and fairer system, we need to get renewables and storage online, faster. "It's right that the sunniest and windiest continent remains at the forefront of solar and wind innovation - and this backing shows the government intends for it to stay that way." The scheme has unlocked record investment in Australia's energy grid in its three years of operation and has put Australia on track to reach its target of 82 per cent renewable energy by 2030, Mr Bowen will say. It has proved a hit with investors, with all six tenders being massively oversubscribed - the most recent tender for dispatchable capacity, such as batteries and hydroelectricity, received 135GWh of bids compared to the 16GWh target. But while the government maintains it is on track to meet its 2030 clean energy and emissions reduction target, it has yet to release its target for 2035, which it is required to do by the UN in the coming months. Mr Bowen will meet with UN climate chief Simon Stiell in Canberra on Tuesday. Ahead of the meeting, Mr Stiell urged Australia to lead the way with an ambitious emissions reduction target for 2035. "It's a critical moment for all countries," he told ABC Radio National. "But for Australia specifically, there's an incredible opportunity to demonstrate what ambition looks like, to take full advantage of all of its natural resources in the green energy space, and to accelerate its transition away from its dependence on fossil fuels to new green technologies." Australia's current target calls for a 43 per cent reduction in greenhouse gases by 2030, but a more challenging target between 65 and 75 per cent by 2035 is being considered by the Climate Change Authority, which will advise the government. As a major exporter of coal and gas, Australia must also tackle exported carbon emissions as part of a global push to reduce reliance on fossil fuels, Mr Stiell said. The coalition is yet to announce its climate plan amid a sweeping post-election review of its entire policy suite. Its support for a net zero emissions target is being challenged by Nationals backbenchers, including Barnaby Joyce, Michael McCormack and Matt Canavan. Liberal frontbencher Tim Wilson, who's a strong supporter of the previous coalition government's plan to reach net zero by 2050, said the path to net zero must not compromise price and reliability. "I see the basis of getting to net zero emissions is contingent on net zero price increases and net zero outages if you want to get net zero emissions," he told Sky News. "If you actually have prices rise, if you don't have stability in our electricity grid and security in our electricity grid, unsurprisingly, support for emissions reduction declines with it." The amount of renewable energy projects that the taxpayer will underwrite will be significantly expanded as Australia comes under pressure from the United Nations to step up its emissions reduction ambitions. Australia's Capacity Investment Scheme, which provides a guaranteed revenue floor for renewable generation and storage projects, will be increased by 25 per cent, Climate Change and Energy Minister Chris Bowen will announce on Tuesday. That means an extra three gigawatts of guaranteed generation - enough to power more than one million households - and a further five gigawatts of dispatchable capacity or storage - equivalent to supplying 4.6 million households with energy at peak times. The boost will take the total capacity of the scheme to 40 gigawatts. "Our energy grid's transition remains urgent. As our ageing coal-fired power stations only become more expensive and more unreliable, we need new generation now," Mr Bowen will tell the Investor Group on Climate Change, a network of super funds and other investors focused on funding the transition to net zero. "It remains the case that to rebuild Australia's energy grid into the modern, reliable and fairer system, we need to get renewables and storage online, faster. "It's right that the sunniest and windiest continent remains at the forefront of solar and wind innovation - and this backing shows the government intends for it to stay that way." The scheme has unlocked record investment in Australia's energy grid in its three years of operation and has put Australia on track to reach its target of 82 per cent renewable energy by 2030, Mr Bowen will say. It has proved a hit with investors, with all six tenders being massively oversubscribed - the most recent tender for dispatchable capacity, such as batteries and hydroelectricity, received 135GWh of bids compared to the 16GWh target. But while the government maintains it is on track to meet its 2030 clean energy and emissions reduction target, it has yet to release its target for 2035, which it is required to do by the UN in the coming months. Mr Bowen will meet with UN climate chief Simon Stiell in Canberra on Tuesday. Ahead of the meeting, Mr Stiell urged Australia to lead the way with an ambitious emissions reduction target for 2035. "It's a critical moment for all countries," he told ABC Radio National. "But for Australia specifically, there's an incredible opportunity to demonstrate what ambition looks like, to take full advantage of all of its natural resources in the green energy space, and to accelerate its transition away from its dependence on fossil fuels to new green technologies." Australia's current target calls for a 43 per cent reduction in greenhouse gases by 2030, but a more challenging target between 65 and 75 per cent by 2035 is being considered by the Climate Change Authority, which will advise the government. As a major exporter of coal and gas, Australia must also tackle exported carbon emissions as part of a global push to reduce reliance on fossil fuels, Mr Stiell said. The coalition is yet to announce its climate plan amid a sweeping post-election review of its entire policy suite. Its support for a net zero emissions target is being challenged by Nationals backbenchers, including Barnaby Joyce, Michael McCormack and Matt Canavan. Liberal frontbencher Tim Wilson, who's a strong supporter of the previous coalition government's plan to reach net zero by 2050, said the path to net zero must not compromise price and reliability. "I see the basis of getting to net zero emissions is contingent on net zero price increases and net zero outages if you want to get net zero emissions," he told Sky News. "If you actually have prices rise, if you don't have stability in our electricity grid and security in our electricity grid, unsurprisingly, support for emissions reduction declines with it."
