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Australia Is Getting Behind Renewable Energy On A Global Scale

It has been a massive year for solar and renewable energy in Australia, with the federal government looking to improve our position on the global stage. As a country that generates massive amounts of money from the export of coal and gas, the transition to renewable energy has certainly been a tough sell. While residential solar has been well and truly adopted by everyday Aussies, the real challenge was getting both the government and massive mining conglomerates on side to make the transition.

The Green Future Index rates countries in terms of how they are shifting towards an economy that is environmentally sustainable. Produced by MIT, the 2022 index listed Australia 52nd out of 76 nations, a paltry showing for a country capable of being a leader in this field. The shift in governments has seen a greater emphasis on improving this position, with new PM Albanese meeting with world leaders to discuss our position and what steps could be taken to improve it.

His government has also seen fit to raise our 2030 emissions reduction target earlier this year. Previously set to an extremely low effort of 26-28%, the new target of 43% has been welcomed almost across the board by both residents and business. It is also a positive step towards strengthening the relationship between Australia and other Pacific leaders. These relations have been strained due to Australia dragging its feet in terms of climate change which other leaders in the region have labelled as their greatest threat.

Mining Giants Move To Invest In Renewable Energy

Even though Australia is making moves to become a more environmentally sustainable country, it is a complicated process. The mining industry employs a massive amount of people and care needs to be taken to make sure any transition sees these people given the opportunity to find jobs within the burgeoning new sector. This is a big reason behind Albanese refusing to set a deadline for phasing out coal, something many other world leaders have done.

While self preservation is a key quality of many politicians, it is understandable that a leader might not want to put a deadline on an industry that employs so many of his people without a solid plan in place. Luckily for him, companies within the mining and energy sector are shifting their approach to profit by investing in renewable energy projects. Earlier in the year, BP made the announcement that it would take out a 40.5% stake in an Australian renewable project that is set to be the largest power station on the planet.

Last year we reported that AGL, Australia’s largest supplier of energy and also our largest carbon emitter, has also made changes to cater to the ever growing renewable energy market. Residential solar has exploded within Australia and this is forcing suppliers to change their focus to cater to virtual power plants and other renewable projects as the demand for coal within our country starts to subside. Earlier this year, mining giant BHP announced it was unable to find a buyer for its coal mines in NSW and instead would be shutting them down by 2030.

australia renewable energy

Australia has the potential to be a powerhouse in the global energy transition

Anja-Isabel Dotzenrath – BP executive vice president of gas and low carbon energy

Can We Become A Renewable Energy Superpower?

Earlier this week the Australian government joined forces with Singapore to announce a deal that would see us sending them massive amounts of solar power under the sea. Under this agreement, solar power generated from the deserts in the north will be sent via high-voltage transmission lines currently under development. If possible, this would result in the world’s first intercontinental power grid.

Albanese has said that in order to produce the power required for this project, the world’s largest solar power farm will be produced. Not only does this signal our country’s intention to become a big player in the global renewable energy market, it also means a wealth of new jobs on offer. This is important because in order to make the shift from coal and gas a viable route we must ensure those within the fossil fuel industries can gain employment within the renewable sector.

australian renewable energy market

Such a massive project is interesting because it is seemingly an upscaled version of what has happened within our domestic market. As residents and businesses took up solar we saw the development of virtual power plants and similar infrastructure to distribute the excess renewable energy from solar across the traditional grid. By sending so much solar across the pond to Singapore, we aim to ease the transition to renewable energy on a global scale.

Renewable Energy Is The Future, But We Still Need Coal For Now

The mining, use and export of coal is still a massive part of our economy and will be for a while. Our uptake of renewable energy has been sluggish, lagging behind the world, and because of this our momentum towards environmentally friendly energy sources has taken longer to ramp up. There are also considerable tensions between those employed within this industry and environmentalists, which is understandable on both sides.

Just because we have seen the need to transition to renewable energy sources in order to curb climate change, we cannot dismiss the industry overnight. Not only would it leave our country in financial ruin, we would have hundreds of thousands of hard working Aussies out of a job. Environmentalists can be quick to sling arrows towards those working in this industry, and while their heart might be in the right place, the way the world works dictates a more pragmatic approach.

Conversely, those in the mining industry will have to accept that coal will not last forever. The future of humanity is not aligned with the usage of fossil fuels no matter how you cut it. Having an industry you work in on the chopping block is stressful and is a source of concern for many and this should be something anyone can sympathise with. The key for a successful transition will be the upskilling of those within the mining industry so that they can take advantage of the new opportunities presented by renewable energy.

Like any other facet of modern life, money will be one of the biggest drivers towards change. We can see this by looking at how we arrived at this precipice in the first place. Residents and small businesses took up solar in order to save money on ever increasing power bills. Energy providers then started to shift their focus towards renewable energy in order to maintain revenue. With a reduction in demand for coal, large mining concerns started to look to invest in renewables to offset any loss in revenue stream.

Interested In Being Part Of The Change? Get A Quote On Solar For Your Home Or Business

With so much changing in terms of our position in the renewable energy market, it has never been a better time to invest in solar. It is more affordable than ever and innovations have seen improvements in solar components across the board. Our solar consultants are able to walk you through the process of making the change to solar, giving you all the relevant information you need to make an informed decision. We cater to both residential and commercial solar clients.

To get in touch with us about solar power and how it can benefit your home or business, give us a call on 1800 255 474 or fill in the online quote form on this page.

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