Research by Australian National University (ANU) Professor Andrew Blakers shows that Australia is on track to meet our Paris emissions reductions target five years early.
Australia’s emissions projections 2018 showed Australia will meet its 26 per cent target in the National Electricity Market (NEM) as early as 2022.
According to latest figures from the Clean Energy Regulator, over $25 billion will be invested in 18.8GW of new renewable generation in the Australian energy sector over the years 2018-2020.
The research also recognises the need for investment in new, dispatchable generation and storage.
Despite record investment in renewables, we have seen significant supply and demand pressures in the NEM this summer.
Conditions experienced in January in New South Wales, South Australia and particularly Victoria where 200,000 customers experienced blackouts, reinforce the need for more investment in reliable 24/7 generation.
The Federal Government’s approach to this is backing 24/7 reliable power by underwriting new electricity generation, which it says will improve competition, increase supply and reduce wholesale prices.
It also argues that the strong response to the Government’s Underwriting New Generation Investments program demonstrates there is no shortage of willingness to invest in Australia’s future energy supply.