Australia’s Bright Renewable Future

As Australia continues to meet its goal in achieving net zero emissions by 2050, experts have predicted that Australia may beat this goal by a full decade.

Renewables are starting to meet 100% of consumer demand

With the consistent growth and investment pouring into Australia's renewable energy sector, research has shown that as early as 2025, large-scale wind and solar will be able to meet 100 % of consumer demand for electricity at certain times of the day.

With Tasmania currently running on 100 per cent renewable energy, other states are predicted to reach the same outcome far sooner than expected.

Biggest renewable energy developer is now targeting Australia

Spanish Energy Giant Iberdrola, which is currently one of the biggest renewable energy project developers in the world, has become the latest big energy player showing interest in Australia's offshore wind market.

Iberdrola already owns more than 1GW of wind, solar and battery projects in Australia, while globally it boasts more than 39GW of wind, solar and battery storage capacity.

Iberdrola amongst other big players are all looking to act, as the Vic government announced a target of 9GW of offshore wind by 2040. The Vic government is wanting to fill the gap that has started to grow from the closure and maintenance of major coal plants.

Solar is only getting better & cheaper

Australia’s main scientific body and the country’s energy market operator have again underline the face that “integrated” wind and solar are still by far the cheapest source of new electricity generation in Australia.

To add to this, Australia’s leading solar scientists have received a funding boost of roughly $45 million with the goal of driving even more innovation towards ultra-low cost solar. With large-scale wind and solar now galloping ahead and producing cheaper electricity than coal and gas at certain times of the day, Australia may receive half of its power generation solely by renewable energy by 2025.

In addition to the extra funding granted to Solar scientists, the Australian Academy of Technological Sciences says the country's renewable energy share will rise to 69 per cent by 2030. This coincides with the massive investments now filtering in as Australia transitions away from fossil fuels.

Green Hydrogen costs lower

The annual GenCost report has shown the rapid fall in cost of hydrogen electrolysers, which will help Australia to use abundant and cheap wind and solar energy, will help push Australia as a renewable superpower.

The Commonwealth Scientific and Industrial Research Organisation (CSIRO) has observed that hydrogen electrolysers are experiencing a “rapid” fall in costs and will most likely accelerate the uptake of green hydrogen. Given the feedback received from AEMO’s 2020-21 scenario development process, alternative technologies and traditional coal and gas won’t be able to compete for much longer with renewables.

Gas prices have remained relatively uncompetitive, while abundant renewable resources such as green hydrogen are only getting cheaper. CSIRO has also noted the falling costs of offshore wind, as offwhsore wind projects off the coast of Southern Australia, Vic and NSW are looking to develop more than 20GW.

In addition to the extra funding granted to Solar scientists, the Australian Academy of Technological Sciences says the countries renewable energy share will rise to 69 per cent by 2030. This coincides the massive investments now filtering in as Australia transitions away from fossil fuels.

Gas prices have remained relatively uncompetitive, while abundant renewable resources such as green hydrogen are only getting cheaper. CSIRO has also noted the falling costs of offshore wind, as offwhsore wind projects off the coast of Southern Australia, Vic and NSW are looking to develop more than 20GW.