Australia’s Opposition announces $10.8B plan to propel renewables sector

Australia, Canberra: Australia’s Opposition leader Bill Shorten has announced a future Labour government would invest $10.8 billion (AUD 15 billion) to transform Australia into a renewable energy “powerhouse”, lower energy prices and cut carbon pollution.

As part of a 10-year investment plan,  Mr. Shorten said a future Labor government would double the original capital of the Clean Energy Finance Corporation, and also establish a $3.6 billion (AUD 5 billion) fund for energy infrastructure modernisation, enabling the national grid to support such changes through essential upgrades to transmission and distribution systems, reports The Sydney Morning Herald.

“This co-ordinated and comprehensive set of projects will form the basis of Labor’s national energy infrastructure to-do list,” Mr. Shorten said.

He said potential projects include upgrading interconnectors across the states of Victoria, New South Wales, and Queensland, a second connection across Bass Strait to Tasmania, and a new link between South Australia and New South Wales.

Source: The Sydney Morning Herald