With a clear correlation between stronger 2030 emissions reduction targets and investor confidence, the Clean Energy Council says that the Australian Labor Party’s (ALP) energy and climate policy can help unlock renewable energy investment, helping to deliver economic benefits across the country and reducing greenhouse gas emissions.
The ALP has announced that it will adopt a 43 per cent emissions reduction target for 2030 as part of a suite of policies to take to the Federal Election in 2022.
“The electricity sector is the low-hanging fruit of the decarbonisation journey and today’s announcement would put Australia on a stronger path to net-zero,” said Clean Energy Council Director of Energy Generation and Storage, Dr Nicholas Aberle.
“The policies announced today recognise that renewable energy and a thriving economy go hand-in-hand, with the majority of projects located in rural and regional areas, delivering career pathways that provide access to clean, low-cost energy, which the future workforce can truly aspire to.
“Critically, the ALP’s plan provides long-term legislative certainty for 2030 and 2050. As Australian states and territories can attest, this gives the green light to renewable energy investors.
“ClimateWorks data shows that we’re on track for emissions cuts in the range of 37-42 per cent based on state and territory government commitments, so we hope that 43 per cent is a floor on ambition and not a ceiling.
“Clean Energy Council modelling shows that an energy sector powered by 100 per cent renewables by 2030 can deliver Australia a 44.5 per cent reduction in carbon emissions based on 2005 levels. With committed efforts in other sectors, Australia should be able to over-achieve on the target announced today.
“The next step is the regulatory mechanisms. The renewable energy and energy storage sector looks forward to ongoing consultation to ensure that, if elected, Labor’s policies capitalise on the massive capacity and capabilities of the private sector and unlocks Australia’s enormous renewable energy potential.”
Clean Energy Council analysis of the large-scale renewable development pipeline shows the private sector is ready to deploy at least $41.7 billion of investment and 27 GW capacity in Australia, securing 73,000 full-time equivalent jobs.
The Clean Energy Council is supportive of existing ALP policies, including the $20 billion Rewiring the Nation Plan to help correct the chronic underinvestment in Australia’s transmission network, a significant roadblock for new generation investment, constraining existing generation and resulting in increased energy security and reliability risks and higher power prices.
At the residential scale, community batteries and solar banks will mean we can share cheap, clean solar energy with all Australian households, including those who rent or live in apartments.
“Every Australian will be able to share in cheap solar energy when their suburb has a community battery,” said Dr Aberle.