Deloitte’s new energy accelerated report explores the future of the energy industry and prompts Australia to embrace low-carbon energy.
Deloitte’s National Energy, Resources and Industrials Leader, Michael Rath, said Australia has a great opportunity to be a leader, but there is a risk it could be left behind amid policy uncertainty.
“Energy accelerated outlines four distinct scenarios – we move fast and together, emerge as a renewable energy leader or we lag or stagnate in the space, missing vital opportunities,” Mr Rath said.
Australia is at a crossroads, with the future energy mix likely to consist of renewable energy sources such as solar and wind.
The cost of solar PV, batteries and smart controls are falling fast and beginning to outperform coal and gas, with these renewable energy technologies reaching price parity as a realistic and credible generation source.
It will be underpinned by energy storage options including chemical batteries, pumped hydro and hydrogen, with gas providing critical firming capacity that a system based on intermittent renewable sources needs.
“This represents great opportunity for Australia to actively lead the global clean energy transition, not just be a participant,” Mr Rath said.
“Australia is in the midst of transition to a new energy future.
“Long term economic growth, foreign investment and the establishment of a world-leading international hub for innovation are there for the taking if Australia embraces low carbon energy.”
Download the report here: https://www2.deloitte.com/au/en/pages/energy-and-resources/articles/energy-