Australia on track to reach 50% renewable energy sources by 2025

The Australian Academy of Technological Sciences and Engineering (AATSE) says Australia will generate half of its electricity needs from renewable sources within the next three years.

The Academy has produced a report that describes how quickly the industry has pivoted to renewable energy. 50% of electricity will be created by renewable energy in 2025, which will increase to 69% in 2030. AATSE announces more investment in the emergency services that will matter to Australian homes during the transition period to the clean energy.

Although wind and solar are the preferred sources of electricity, the Academy recognizes that gas may be needed in times of scarcity.

“Australia is in the throes of an energy crisis, with electricity generation prices around 115% higher than the previous highest average wholesale price on record. Meanwhile, all states are hitting record highs for renewable energy powering our electrical system,” the report said.

“Determining how these technologies will work together to decarbonize energy systems, deliver new economic opportunities and meet the needs of Australian industries, communities and people is critical.”

State and federal governments are pushing for a capacity market policy that will facilitate the transition to renewable sources.

UNSW Professor Renate Egan tells the ABC that although renewable energy accounts for a third of the country’s electricity, this percentage must double by 2032.

“Last year, we installed 3 gigawatts of rooftop solar, representing approximately $3 billion in end-consumer investment in power generation for Australia, and we invested a total amount of centralized wind and solar power of about 3 gigawatts – so an additional $3 billion,” she says.

“So $6 billion in assets were invested in renewable energy generation last year, half of that by end consumers who own those assets and want to be able to use them. There’s a significant shift in the how investments are made, where it is going and how it is delivered.”

While the technologies to transform Australia into a fully renewable energy source are on the table, the transition can be tricky. Former Ausgrid chief executive George Maltabarow said government regulation was imperative and investment should be made in rooftop solar farms and communal batteries.

“The conventional wisdom about how much capacity intermittent renewables can be sustained in a grid has evolved significantly over the past decade and particularly over the past five years,” he said.

“But we shouldn’t underestimate the challenges in getting there. What we need to manage this transition are the frameworks that will support the right kind of investment.”

To read the ATSE report, Click here.

Picture: provided

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