The NSW Coalition and the state opposition are putting major funding on the table for clean energy – with both sides recognising action is needed
The additional $300m is marked to pay for grants to storage and grid security projects, including pumped hydro and batteries. A further $23m was promised to expand the electricity infrastructure roadmap to include rooftop solar and smaller batteries.state-owned energy security corporation to drive investment in renewable energy projects.
If Labor forms government after 25 March, it would maintain the Coalition’s $1.2bn transmission acceleration fund.Both of these plans are focused on dealing with gaps in the market where private investment is more challenging, but they are attacking the problems in slightly different ways and with different amounts of funding.
The policy director of the Nature Conservation Council, Brad Smith, said the main difference between the two is the scale of investment. “Labor’s is larger,” he said. “What Labor’s announcement does is to specifically focus on renewable energy storage and that’s still the missing piece of the puzzle. That’s an area where probably the NSW government hasn’t had as strong a position so far.”According to the experts, some renewable projects can be risky and incredibly costly, which makes them less attractive investment projects.
“The market needs a lot of certainty in order to access capital. Having the public funds available is one of the most important things to de-risk a project.”That depends who you ask. Most experts say it depends on how these programs are implemented and they all said more work was still needed.
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