Victoria is rapidly closing in on its goal of achieving 40% of its power generation from renewables by 2025, while New South Wales is in the doldrums, falling well short of its goals, a new report by Green Energy Markets has found.
The report shows that Victoria requires about 2,000MW of further projects to reach its 50%target. It would only need a further two renewable energy contracting rounds similar in scale to the one it concluded in 2018 and it will have bridged the gap to its 2030 target.
The report details how NSW is falling short of achieving its ‘timely progress’ towards its target of net-zero emissions from its power sector by 2050. To be on track, it would need its renewables sector to grow by around 40% of its overall electricity consumption by 2030. To bridge the gap it requires close to an additional 5,000MW of new renewable energy project commitments by 2030.
The report found that South Australia is a stellar performer, with the state on track to generate renewable energy equal to 73.5% of its consumption by 2030, up from 53% last year.
Queensland is also well short of its 50% goal by 2030, with current commitments and rooftop solar on track to deliver 29.2%.
“Even after taking into account the initiatives of the Government’s CleanCo, the state requires around another 4,500MW of projects,” the report said in detailing Queensland’s efforts.
Tasmania needs no further projects to achieve its target of 100% renewables by 2022, indeed it has been close to generating 100% renewables as a proportion of consumption well before the government announced its target.