Wind Energy Boosts Australian Communities with $7M+ in Annual Benefits
Wind energy is bringing significant benefits to Australian communities. Currently, between $19 and $21.5 million a year goes directly to communities through benefit sharing mechanisms (BSMs). This includes community enhancement funds (CEFs) and rental payments to landholders and neighbors. From 2019, CEFs alone are expected to make $2.5 million a year available for regional community projects.
Wind energy has already delivered a substantial boost to regional economies, with a $4 billion injection since its inception. With more wind farms under construction, this annual figure is expected to increase to between $30 and $32.5 million. If the 70-plus wind farms in the development pipeline are constructed, more than $7 million could flow into regional communities through CEFs each year. Notable players like ABO Energy and UKA, with significant development pipelines, are actively integrating community benefits into their projects.
Wind farm development in Australia is also creating jobs. Over 6,000 local jobs could be generated through these developments. Moreover, it is estimated that wind farms could deliver an additional $10.5 billion back to regional communities. However, Australia currently has no legislated requirements for community enhancement funds, leading to diversity in their form and function. Victoria, however, has incorporated community engagement and benefit sharing into its state renewable energy auction.
Wind energy is proving to be a significant driver of regional economic growth and job creation in Australia. With more wind farms in the pipeline, these benefits are set to increase substantially. While there is no national legislation for community enhancement funds, some states like Victoria are leading the way in integrating community benefits into renewable energy projects.
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