Labor supersizes renewables auction to get climate targets on track

Phillip Coorey and Angela Macdonald-Smith

Oct 21, 2024 – 5.00am

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Climate and Energy Minister Chris Bowen will accelerate the government’s program of underwriting renewable energy to meet overwhelming demand for the subsidies from project developers and in a renewed bid to get emissions reduction targets back on track.

In his speech to open The Australian Financial Review Energy and Climate Summit on Monday, Mr Bowen says the next auction in the capacity investment scheme will be increased in size by two-thirds to 10 gigawatts.

Phillip Coorey is the political editor based in Canberra. He is a two-time winner of the Paul Lyneham award for press gallery excellence.

Angela Macdonald-Smith writes on the resources industry with a focus on energy, including gas, oil, electricity and renewables.