CEFC gets $20bn to put renewable transition on track
The Clean Energy Finance Corporation (CEFC) will get $20 billion to fund new transmission and storage so Australia can urgently replace coal.
It's the first increase in the CEFC's funding since it was established in 2012 with $10bn.
The vast bulk of the funding will go towards massive electricity transmission projects, long duration storage, and distribution network infrastructure.
Without these transformations, Australia will struggle to wean itself off coal and gas.The new funding comes as experts warn that Australia is falling behind its 82% renewables target for 2030.
“Bringing these new projects to market and connecting them into the grid urgently is critical to ensure consumers continue to have reliable power when they need it,”
Daniel WestermanCEO and Managing DirectorAEMO
The need for speed was also reflected in the latest EY Renewable Energy Country Attractiveness Index which showed Australia losing ground in the global contest for green investment.
AEMO says Australia needs 10,000 kilometres of new transmission lines and nine times the large-scale renewable energy generation it currently produces.
Energy storage capacity also needs to increase by a factor of 30 by 2050.