Research organisation BloombergNEF (BNEF) says the window for achieving net zero by 2050 is closing but the nation could still achieve a carbon emissions trajectory in line with the major goal of the Paris Agreement.In its “New Energy Outlook: Australia” report, BNEF believes the nation needs to increase its renewable energy capacity by 135% before 2030, to more than 126 gigawatts.
‘Heavy lifting’ needed
Head of BNEF in Australia Leonard Quong said the firm’s analysis suggests that rapidly moving to a clean power system based on wind, solar and storage will be essential to cost-effectively reduce carbon emissions.
“But the heavy lifting must be done this decade,” Mr Quong said.
“A low-carbon power sector will also serve as a bedrock for future emissions reduction efforts in other areas of the economy in the years to come.”
He added that Australia’s energy mix will need to transform over the next decade, with all unabated coal and almost all unabated gas generation exiting the power system by 2035.
“Australia will rely instead on a lower-cost mix of renewables paired with flexible technologies like batteries, pumped hydro and gas.”
