Australia Supercharges Renewable Expansion to Stabilize Aging Power Grid

Australia is intensifying its efforts to transform the nation's energy grid with a significant boost to solar and wind projects, aiming to stabilize its aging infrastructure and reach an ambitious target of 82% renewable energy generation by 2030.

Energy Minister Chris Bowen announced on Tuesday that the Capacity Investment Scheme, a critical government initiative designed to augment private investment in clean energy, would see a 25% expansion. This enhancement aims to underwrite an additional 8 gigawatts of generation and storage projects, expanding the scheme's overall capacity to 40 GW.

Despite these efforts, analysts warn that without addressing the current shortfalls in investment and connectivity, Australia may struggle to achieve its renewable targets, underscoring the urgency of this transition.

(With inputs from agencies.)