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Our renewable energy targets
Victoria's current renewable energy targets legislated in the Renewable Energy (Jobs and Investment) Act 2017 (Vic) are:
- 25% by 2020 (achieved)
- 40% by 2025
- 50% by 2030.
Meeting our targets will:
- create investment in new renewable energy projects in Victoria
- support the reliability of Victoria’s electricity supply
- create thousands of jobs
- put downward pressure on electricity prices
- reduce emissions from electricity generation.
We have recently announced an intention to legislate updated targets of:
- 65% by 2030
- 95% by 2035.
These targets were based on energy market modelling undertaken for DEECA by Jacobs and economic impacts modelling carried out by PwC.
Read the reports
Our energy storage targets
Victoria’s energy storage targets will be legislated. They are:
- at least 2.6 GW of energy storage capacity by 2030
- at least 6.3 GW by 2035.
The energy storage targets will include short, medium and deep duration energy storage systems, allowing energy to be moved around during the day and also to be supplied through longer duration imbalances.
The firm capacity delivered by these targets will provide reliable, affordable and clean energy as Victoria’s ageing and increasingly unreliable coal generation is replaced with new renewable. The investment required to achieve Victoria’s energy storage targets is estimated to deliver around 12,700 two-year jobs and $1.7 billion (in net present value terms) to Victoria’s economy from 2023 to 2035.
We will work closely with stakeholders to ensure that energy storage is developed in a timely and efficient manner. We will update this page as this work progresses.
Victorian Renewable Energy Target auctions VRET1 and VRET2
The Victorian Renewable Energy Target auctions VRET1 and VRET2 help us meet our renewable energy targets by providing long-term contracts that create investment certainty to build new energy generation projects.
Ensuring benefits for host communities
It is important that renewable energy developments deliver benefits for host communities. Our guide for developers outlines requirements to undertake respectful and considered engagement with host communities; as part of any project and deliver long-term benefits.
Page last updated: 15/02/23