Australia raises Capacity Investment Scheme target to 40 GW
The Australian government has added 8 GW more to the Capacity Investment Scheme (CIS), boosting the renewable energy capacity target under the initiative to 40 GW.
The expanded scheme is expected to support the addition of 5 GW of storage and 3 GW of power generation capacity by 2030. It is set to drive about AUD 73 billion (USD 47.4bn/EUR 41.1bn) in new investment — around AUD 21 billion in storage capacity and nearly AUD 52 billion in solar and wind technologies.
The government attributed the increase to the competitive nature of the CIS tenders and the falling costs of both solar power and battery storage, the Department of Climate Change, Energy, the Environment, and Water said in a statement.
The scheme was unveiled in December 2022. In November 2023, the government expanded it to 32 GW, namely to 9 GW of dispatchable capacity and 23 GW of variable capacity.
(AUD 1 = USD 0.650/EUR 0.563)
Source: Renewables Now
