Australia Boosts Clean Energy Plan to Meet Lofty Renewables Goal

Australia will expand its flagship clean power program by a quarter to meet an ambitious target to more than double renewable energy generation by the end of the decade.

The government’s Capacity Investment Scheme, which guarantees project builders a minimum power price, will support another 3 gigawatts of renewable generation — enough to supply 1 million homes, Energy Minister Chris Bowen is due to announce later on Tuesday. It will also back 5 gigawatts of energy storage, which will support an additional A$21 billion ($14 billion) of investment.