Targets To Achieve Victoria’s Energy Efficient Future

Victoria’s first Energy Efficiency and Productivity Summit was held today in Melbourne, hosted by the Minister for Energy, Lily D’Ambrosio.

The Summit brought together more than 200 manufacturers, energy efficiency businesses, the building and property sectors, local governments, energy retailers, environmental groups and energy consumers.

The international keynote speaker, Mr Keith Canfield, Director of Corporate Sustainability for the Clinton Climate Initiative, shared stories of leadership and lessons for improving energy efficiency and productivity – and welcomed the ambition of the Andrews Labor Government.

In opening this major event, the Labor Government reaffirmed its commitment to a sustainable economy by announcing ambitious energy efficiency targets for the next five years. These targets, which form part of the Victorian Energy Efficiency Target Scheme, incentivise further investment in new energy technology and clean energy jobs. They also deliver cuts to household energy bills and reduce greenhouse gas emissions by 30 million tonnes.

Resolutions from the Summit will help inform the Labor Government’s development of its Energy Efficiency and Productivity Strategy. The Strategy, which is due for release later this year, will establish a tangible work program aimed at improving energy affordability, creating jobs and delivering a sustainable economy.

The VEET targets for 2016-2020 are:

Year Amount of Victorian Energy Efficiency Certificates (VEECs)  Target in tonnes CO2-e GHG abatement
2016 5.4 million 5.4 million
2017 5.9 million 5.9 million
2018 6.1 million 6.1 million
2019 6.3 million 6.3 million
2020 6.5 million 6.5 million

Quotes attributable to Minister for Energy, Lily D’Ambrosio

Together, energy efficiency and clean energy supports Victoria’s transition to be a sustainable economy, while lowering costs and creating jobs.”

“The strengthening of the Victorian Energy Efficiency Target scheme reflects our commitment to energy efficiency as way of helping Victorians reduce their energy bills and create more Victorian jobs.”