Post: Clean energy “at the heart” of Australia’s economic future

Clean energy “at the heart” of Australia’s economic future

Australia’s Prime Minister has emphasized the pivotal role of clean energy in shaping the nation’s economic future

Speaking at the Future Energy forum in Sydney on 15 September, PM Anthony Albanese unveiled his vision for leveraging the transition to clean energy as a catalyst for economic expansion and well-being.

Albanese underscored that his government’s strategy aimed to stimulate growth in regional areas, create jobs in suburban communities, and rejuvenate Australia’s manufacturing sector. “Our overarching goal is to fortify and enhance Australia’s economic resilience for the years to come. This encompasses the employment opportunities, communities, urban centres, industries, and the very fabric of our nation, all of which are intricately intertwined with our approach to energy”, he said

Albanese emphasized the need for substantial investment in electricity transmission infrastructure to fully harness this energy potential, describing it as a “critical step” to ensure that businesses and industries can readily access dependable and cost-effective clean energy, thereby reducing their operational expenses and environmental footprint.

Australia has seen a significant increase in renewable energy investment, according to the Clean Energy Regulator’s Quarterly latest Carbon Market Report (QCMR).

Published on 9 June, the report, which covers Q1 2023, highlights significant developments in large-scale renewable energy investment, rooftop solar installations, and the Australian Carbon Credit Unit (ACCU) market, indicating a positive outlook.

It noted that 432MW of large-scale capacity reached final investment decision (FID) in Q1 2023 and that total FID capacity for 2023 is on track for more than 3.5GW but is unlikely to reach the levels seen in 2022.

681MW of rooftop solar photovoltaics (PV) was installed in Q123 continuing the strong trend from the second half of 2022. Total capacity is expected to reach around 3GW total in 2023. In addition, installations of air source heat pumps grew 40% compared to Q122. Both trends suggest consumers are, where possible, taking control of their energy bills.

GridBeyond Sales Director Lisa Balk said: