Australia to expand subsidies for renewable energy projects

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Australia to expand subsidies for renewable energy projects

STORY: Australia to expand subsidies for renewable energy projects SHOOTING TIME: Nov. 23, 2023 DATELINE: Nov. 23, 2023 LENGTH: 0:00:35 LOCATION: Canberra CATEGORY: ENVIRONMENT/ECONOMY SHOTLIST: 1. various of solar panels 2. various of electronic tower STORYLINE: The Australian government has announced an expansion of subsidies for clean energy projects to help achieve its 2030 renewables target. Chris Bowen, minister for climate change and energy, on Thursday announced that the existing taxpayer-funded Capacity Investment Scheme (CIS) will be expanded to underwrite new renewable energy projects. Under the expansion, the CIS will underwrite private companies to build 32 gigawatts (GW) of new electricity projects, consisting of 9GW of storage projects and 23GW of renewable generation projects. If electricity prices are too low for the companies to generate a profit for the companies, the CIS will pay the difference, but if a company's earnings exceed a set ceiling, the government will share in i

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