SA government reveals 4-point plan to attract investment dollars for renewables

The South Australian government has released the details of its plan to invest $10 billion in low-carbon generation by 2025 – a major part of the state government’s new climate policy, announced last week.

The plan, launched by Premier Jay Weatherill last Tuesday, sets out four key strategies to meet the investment target – as well as its renewable energy target of 50 per cent by 2025; both key pathways to establishing Adelaide as the world’s first carbon neutral city.

The strategies listed in the report include: clear policy and efficient regulatory environment; information to inform investment; sponsoring uptake and wider market deployment; and facilitating projects to leverage funding and support.

The government says it will form a dedicated Investment Attraction Agency, to encourage international first to establish new head offices in South Australia, and to work with the private sector to break down barriers, navigate regulatory and approval processes and facilitate projects.

The plan will also develop a bio-energy roadmap, to assess the state’s bio-energy potential – including an analysis of conversion technologies, local demand, types and quantities of feedstock – and, ultimately, help build projects.

As part of the plan to sponsor the uptake of low-carbon technologies, the government is also seeking expressions of interest for opportunities to convert the existing government motor vehicle fleet to low or zero emission vehicles.

On battery storage, the plan points to the government’s proposal – for which it is currently seeking expressions of interest – to install battery storage systems in South Australian Government buildings, up to a value of $1.1 million.

Finally, the report says another key strategy for the South Australian government is to influence policy frameworks at a federal level and work with companies to develop proposals that take advantage of federal government support.

“This includes funding and finance available from ARENA, the Clean Energy Finance Corporation and the Emission Reduction Fund,” the report says.

“The government is positioning itself to take full advantage of the opportunities expected to flow from these mechanisms by working with proponents and providing support to projects that leverage federal funding and funding from other external sources.”

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