The government of the state of Victoria, led by Premier Dan Andrews, has thrown its weight behind plans to fast-track renewable energy with a commitment of A$100M (US$74M) to unlock “a wave of cleaner, more reliable power, that will create thousands of jobs”
The funding boost is part of a record A$1.6Bn investment in the Victorian Budget 2020/21 that will accelerate the development of offshore wind, green hydrogen from renewable energy and other technology.
A$108M of innovation funding will be used to support research, start-ups and innovation, and provide direct industry grants to get power from ground-breaking concepts out of the lab and into the grid.
In an announcement, the Premier said Victoria is home to many companies doing innovative research on hydrogen from renewables, offshore wind and other renewable technology. “Backing these ideas and putting Victoria at the forefront of these game-changing technologies will help drive new investment, open up export opportunities and support local businesses and jobs – particularly in regional Victoria,” said the statement. “It will also help international companies deploy new technology into Australia – such as offshore wind.”
The funding will also be used to start assessing transmission infrastructure requirements and considering the regulation and investment required “to support a major offshore wind industry.” It will also be used to accelerate the development of hydrogen from renewable sources.
Victoria Minister for Energy, Environment and Climate Change Lily D’Ambrosio said, “Renewable energy is central to our economy and our recovery from the pandemic – that’s why we’re helping these new technologies become a reality here in Victoria.
“This is about jobs, jobs in major new projects and industries that will deliver cleaner, cheaper, more reliable energy for Victorians.
“Industries like offshore wind and hydrogen from renewables have huge potential, not only to boost power supply and reliability, but to create jobs, save households money and tackle climate change.”