Snowy Hydro 2.0, with $100M conditions

As one of the Government’s much publicised “shovel-ready” projects, Prime Minister Scott Morrison recently announced federal approval for the Snowy 2.0 project.

However, with part of the project’s conditions come $100 Million worth of environmental offset measures, aimed at addressing environmental opposition to the scheme.

Morrison announced “the thumbs-up, green light for the Snowy 2.0 project to now move to its full implementation phase” with construction earmarked to begin over the next two years.

“We know we need to get this up and running to meet our timetable for getting this energy into the system, to getting our emissions reduction targets achieved, and ensuring that the jobs that are so necessary now … as we’re building our way out of the Covid recession,”

Minister for the Environment, Susan Levy approved the environmental plan and highlighted a commitment by Snowy Hydro to spent $100m on biodiversity and environmental enhancements. This includes $73.8m for an offset fund through the NSW National Parks and Wildlife Service “to protect threatened species and deliver long-term conservation outcomes”, a government statement said. “The construction footprint for this second stage of this nation-building renewable energy project is just 0.1% of the park,” Levy added.

The project is expected to create a boom for construction in the region, delivering thousands of jobs. Recent reports believe the project, for which the engineering and civils component was awarded to Clough Engineering, will cost as much as $10 Billion.

For more information on the project, visit: www.snowyhydro.com.au