Transcript for investing in Victorias new energy technologies video

[On-screen text: Investing in Victoria's New Energy Technologies Sector]

[On-screen text: Australia, Victoria, Melbourne]

[On-screen text: The Hon. Lily D'Ambrosio, Minister for the State Electricity Commission, Minister for Energy and Resources, Minister for Climate Action]

Welcome to Victoria, Australia, where innovation and sustainability converge to create a dynamic renewable energy sector.

We have set renewable energy and emissions reduction targets that put us at the forefront of the global energy transition.

[On-screen text: 95% renewable energy by 2035]

[On-screen text: Net zero by 2045]

[On-screen text: Offshore wind energy targets: at least 2 GW by 2032, 4 GW by 2035, 9 GW by 2040]

[On-screen text: Energy storage capacity targets: at least 2.6 GW by 2030, 6.3 GW by 2035]

[On-screen text: 50% of all vehicles sold from 2030 must be ZEVs]

Our targets also cover specific technologies, including offshore wind, energy storage, and zero-emissions vehicles.

To make sure we hit our 95% renewable energy target, we will also need new investment in critical areas such as wind, large-scale solar, renewable hydrogen, bioenergy and digital energy and innovation.

[On-screen text: 25 GW of new renewables by 2035]

By 2035, we will need 25 gigawatts of new renewable energy and storage capacity.

This creates unprecedented opportunities for investment, as we will need across the energy sector an estimated $35 billion of additional investment by 2035 to achieve this goal.

[On-screen text: State Electricity Commission, Vic Grid, Offshore Wind Energy Victoria, Solar Victoria]

The Victorian Government is setting up to lead this transition by establishing important new bodies, including the State Electricity Commission, VicGrid, Offshore Wind Energy Victoria and Solar Victoria.

At the heart of Victoria, Melbourne is Australia's fastest growing city, with an economy to match.

And Victoria has been a leading destination for global investment for decades.

We are an attractive location for energy investment due to our world-class energy workforce, our leading advanced manufacturing sector, our modern power grid now to be strengthened to meet the demands of our energy transition and our commitment to research and development.

To find out more about investment ready opportunities in Victoria, visit our website or contact an office in your region.

[On-screen image and text: map of the world. Victorian Government Trade and Investment offices]

We invite you to join us in building the energy system of the future.

[On-screen image: Victoria State Government logo]

[On-screen text: Department of Energy, Environment and Climate Action]

[On-screen text: deeca.vic.gov.au]