Australia has passed new laws that require 20 percent of all electricity to come from renewable sources by the year 2020.
It is estimated that this change in legislation will result in more than A$20 billion worth of investment in new generation capacity over the next ten years.
The legislation requires that utility companies purchase part of their power from renewable sources such as hydro, geothermal, solar and wind.
Australia’s minister for Climate Change and Water, Penny Wong, says that this will be the largest increase in renewables in the country’s history.
“We will see a fourfold increase in renewable energy by 2020,” Wong says.
Austrade’s national industry manager Clean Energy and Environment, Kerry Rooney, says the 20 percent renewable energy target is complemented by the Australian Government’s $4.5 million clean energy initiatives, which support investment in large-scale solar and carbon, capture and storage
The new legislation is due to come into effect at the beginning of 2010.