Victoria's ambitious path to transition to a 95% renewable energy future by 2035, has been outlined in the recently released Cheaper, cleaner, renewable: Our plan for Victoria's Electricity Future plan.
Over the next decade, an estimated $35 billion will be required to invest in more than 25 gigawatts of new wind, solar and storage capacity, presenting a significant opportunity for investors in the green energy sector.
With the potential to generate 59,000 jobs by 2035, and through partnerships with Traditional Owners and First Peoples, Victoria offers a sizeable market for renewable energy projects and a unique opportunity for companies seeking to contribute to a sustainable and socially responsible energy future. The
Victorian Government's clear policies and programs, such as incentives, grid integration, and community engagement also support the growth of this sector.
The increasing electrification of homes and businesses, coupled with population growth, will drive a significant increase in electricity demand, creating a strong market for renewable energy sources like solar, wind, and hydro. Victoria's geographic location and infrastructure also provide ideal conditions for these projects.
Investors can explore various opportunities, including:
developing and operating solar farms, wind farms, hydro power plants, and other renewable energy projects
supporting energy storage technologies, such as batteries to ensure grid stability and reliability
funding research and development in innovative green energy efficiency solutions.
A prime location for renewable energy investment
As a state in a country with the highest solar radiation per square meter of any continent, Victoria boasts significant solar potential.
Its coastal location offers excellent wind energy resources, while its marine environment is ideal for developing world-class marine energy projects. Victoria's advanced manufacturing base and numerous bio-energy facilities demonstrate its commitment to renewable energy technologies.
Leading the way in green energy innovation
Victoria is a pioneer of green energy innovation, with several groundbreaking projects underway. The Hydrogen Energy Supply Chain (HESC) Project aims to produce and transport clean liquid hydrogen, while the Otway Project is demonstrating deep geological carbon dioxide storage. The Victorian Organic Solar Cell Consortium is developing organic solar cells, and the University of Melbourne is piloting geothermal heating and cooling in various buildings.
With significant government support, a growing market, and a skilled workforce, Victoria offers a favourable environment for investors to capitalise on the green energy transition.
https://www.invest.vic.gov.au/news-and-events/news/2024/september/victorias-green-energy-revolution-offers-a-lucrative-opportunity-for-investors
