Australia's energy ambitions must rise to meet Paris Agreement: report
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The news: Australia must increase its renewable energy capability by 135% by 2030 to keep its emissions reduction trajectory in line with the Paris Agreement on Climate Change, according to Bloomberg NEF's latest New Energy Outlook.
The numbers: The analysis said the country needed to increase renewable energy by more than 126 GW by 2030 and 290 GW by 2050.
The annual analysis examines the amount of investment in the energy transition that countries require under two scenarios — Net Zero Scenario, which keeps global temperature rises to within 1.75 degrees Celsius compared to pre-industrial averages, and its baseline Economic Transition Scenario, which assumes 2.6 degrees Celsius of average warming.
The analysis found that to be consistent with net zero, Australia must phase out all of its unabated coal, oil and gas-fired power generation by 2035.
The context: The Net Zero Scenario assumes that Australia's emissions from power, transport and buildings sectors have already peaked and will soon begin to fall.
To remain in line with the Paris Agreement, Australia must decarbonise its energy-related sectors by 71% by 2030, compared with its 2005 baseline.
What they said: Tushna Antia, BNEF Australia associate said: “Australia’s abundance of world-leading wind and solar resources gives us an advantage in decarbonisation, and combined they represent a $213 billion investment opportunity by 2050".
“But getting there won’t be easy and we will need flexible demand from smart electric vehicle charging and hydrogen electrolysers, along with battery storage, flexible generators, and investment in the power network."
The source: BNEF New Energy Outlook
