22 January 2025

The Australian Sustainable Built Environment Council (ASBEC) welcomes the opportunity to provide input to the 2026 – 27 targets for the Victorian Energy Upgrades program. We limit our comments to the proposed target itself and do not comment on target impacts or the Essential Services Commission fees.

ASBEC is comfortable supporting the preferred option in the Regulatory Impact Statement (Option 2) which proposes targets of 5 million Victorian Energy Efficiency Certificates (VEECs) in 2026 and 6 million in 2027, acknowledging that each VEEC represents one tonne of avoided carbon-dioxide equivalent emissions.

Option 2 strikes a balance between ambitious emissions reduction and practical implementation, delivering over $2 billion in savings and strong value with the second-highest benefit-cost ratio. It supports energy affordability, equity, and industry certainty while aligning with Victoria’s net-zero goals.

Read the full submission here