$1.5 Trillion to meet our 2050 green targets - 23.10.23

The energy department said in estimates that Australia needs 100GW of renewable energy to reach its 2030 renewable energy target.
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Yet it’s almost 2024 and Chris Bowen the energy minister has to stump up an estimated billions just to get another 23GW of renewables into the grid. (Batteries are storage not generation.)
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Furthermore, just as the bureaucrats in the energy department can’t tell us if they are on target in reaching their renewable energy goals Chris Bowen won’t tell us how much it’s going to cost to underwrite renewables.
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Australians are being taken for a ride.
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“Energy Minister Chris Bowen’s expanded green energy underwriting scheme could end up costing future taxpayers “tens of billions” of dollars, says a top energy economist who predicts $59 billion in new solar, wind and batteries will eventually erode earnings from renewable power.
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“The bulk of the cost of this investment is ultimately going to lie on the public purse,” Bruce Mountain told AFR Weekend. “And it would be entirely reasonable that the government gets back some or all of that from electricity customers in due course.”
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The cost of Labor’s freshly minted Capacity Investment Scheme is being hotly debated by energy experts, with most agreeing the Commonwealth faces a material financial exposure, as well as concerns about the government’s refusal to reveal costings.
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Labor cited confidentiality reasons for withholding the Commonwealth’s potential liability under the capacity scheme, which was backed by state and territory energy ministers in Perth on Friday.
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The scheme, announced on Thursday, will involve a series of six-monthly blind auctions between the June quarter and 2027 to underwrite 18 gigawatts of new wind power, 5 gigawatts of solar and 9 gigawatts of battery storage.”
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Quote from:
https://www.afr.com/politics/federal/bowen-s-energy-plan-might-cost-taxpayers-tens-of-billions-20231124-p5emnz
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#auspol #australia #renewables #climatechange #netzero #labor #albanese #chrisbowen