Australia plans and has also pledged to cut greenhouse gas (GHG) emissions by 43%. Moreover and also increase the share of renewable power generation. All in the country’s National Electricity Market to 82%. For that’s most importantly by 2030.
As well as be part of plans to emerge as a renewables superpower. More noteworthy, to cater the needs of South Asian countries. However, the country also needs to formalize these targets. Especially into policy at most noteworthy the earliest to achieve them. That comment came from GlobalData. For they are a leading data and analytics company.
GlobalData’s report, “Australia Power Market Size, Trends, Regulations, Competitive Landscape and Forecast, 2022-2035,” reveals that the first step towards becoming a renewables superpower. For it is to overcome its dependency on thermal power generation.
Most notably and in 2021, thermal power accounted for 73% of the country’s annual power generation. Australia plans to stop building new coal and gas power plants. Especially as they phase out coal-based power generation. This is to occur most importantly by 2030.
Attaurrahman Ojindaram Saibasan, Power Analyst at GlobalData, comments: “The country should look to expedite large scale renewable power projects. Especially to compensate for the retirement of thermal-power plants. In addition, Australia needs to build a robust EV infrastructure. Most importantly to electrify its heating systems to replace gas-based heating systems.
The country aims to export renewable power and is already in talks for an interconnection line with Singapore. It is expected that Australia’s renewable electricity exports will cater to 15% of Singapore’s electricity requirements.
Saibasan concludes: “At the current pace, renewables will account only for just 58.6% of the total power generation in Australia in 2035. The country should move away from fossil fuels for its electricity needs. Australia will require substantial investments to achieve its goal of being a renewables superpower. The country should strive to create a favourable environment to attract private and foreign investors. It should adapt latest technologies and aim to improve the efficiency of its renewable power plants.”
To gain access to our latest press releases: GlobalData Media Centre
1. Quotes provided by Attaurrahman Ojindaram Saibasan, Power Analyst at GlobalData
2. Information based on GlobalData’s report Australia Power Market Size, Trends, Regulations, Competitive Landscape and Forecast, 2022-2035