Daily Newsletter

22 August 2023

Daily Newsletter

22 August 2023

New 5GW wind farm to be built off Gippsland in Australia

The wind farm will generate 20TWh of clean energy, enough to meet 40% of Victoria’s needs.

Surya Akella August 22 2023

A consortium of partners including KIMAenergy, Energy Australia, Boskalis, Respect Energy and Polpo Investments has announced plans to build a new 5GW wind farm off the coast of Gippsland in Victoria, Australia.

This project will be developed within the country's first declared offshore wind zone.

The Elanora Offshore consortium has already secured funding commitments for the project. Upon receiving a feasibility licence and other approvals, the first phase could begin operations by 2032.

Completion of the second phase will follow at the end of 2034.

The Elanora offshore wind farm will generate 20TWh of clean energy, meeting 40% of Victoria’s needs.

600 million tonnes of carbon emissions will also be offset during the life of the project.

3,000 jobs will be created during its construction phase, and 320 more once it becomes operational.

Elanora Offshore CEO Maya Malik stated: “We are deeply committed to the success of offshore wind in Australia and we want to see it done right.

“Each consortium member serves a purpose and is a leader in their field. Our approach has been to bring together the expertise needed to address the key challenges of developing offshore wind projects in new markets.”

“Our aim is to implement world-leading, sustainable offshore wind technology with agility. We want to be part of a just transition - delivering benefits for local communities and minimising environmental impact.”

In December 2022, Australia announced that the Bass Strait off Gippsland would become the country’s first offshore wind zone.

The area covers 15,000km² and has the potential to generate 10GW of wind power annually. The state of Victoria aims to generate around 2GW of offshore power by 2032, 4GW by 2035 and 9GW by 2040.

ESG 2.0 will be less forgiving of poor ESG performers, especially on environmental issues

While ESG 1.0 was driven by voluntary corporate action, ESG 2.0 is being driven by a new wave of government policies. A host of new environmental laws are in the pipeline, relating to mandatory reporting, carbon pricing, and carbon import tariffs, as well as more state support and investment in clean energy technologies. Companies unprepared for ESG 2.0 face higher costs and lost sales.

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