Australian's could save $20bn annual by transitioning to renewables

By Galia Ilan

Australia’s Community Power Agency has revealed a plan that could see the energy industry save $20bn (US$14.99bn) per year.

The plan suggests that Australia’s energy system transition to 100% clean power by restoring federal funding to the Australian Renewable Energy Agency.

The scheme would grant access to everyone for solar power, as well as encourage battery rollout, and move away from coal mining.

According to the report, the nation could start seeing prices drop by as soon as 2025, with $9bn (US$6.65bn) being saved on power and $11bn (US$8.24) being saved on fuel by 2050.

SEE ALSO:

The Community Power Agency suggests the development of local energy markets, which it describes as “eBay for local energy”.

The markets will allow electricity to be sold and purchased by neighbours, or to be acquired from local solar gardens or wind farms.

"(The plan) has the level of ambition required to rapidly slash pollution from Australia's electricity sector, set the nation up as a clean energy export superpower and ensure all Australians can access affordable clean energy," stated Nicky Ison, one of the authors of the report.

The report argues that the government should ensure coal and gas firms bind pollution standards that can be monitored by the Environment Protection Agency in order for the plan to happen.

Share

Featured Articles

People Moves: Pine Labs, Deutsche Bank, McKinsey, Fortinet

Pine Labs names former Amazon exec as chief people officer, Fortinet hires government affairs leader for APAC, McKinsey India poaches Accenture HR exec

Dialight envisions a world of industrial safety with LEDs

Reliance on inefficient lighting technologies are not only harmful to the environment, but also increase injury risk and cost

Top 10: Must-see speakers at TECH LIVE LONDON 2022 event

Technology leaders from IBM, Oracle, Vodafone, JP Morgan, Accenture and the US Space Force are among the 80-plus speakers at upcoming TECH LIVE LONDON

Vodafone Business cyber leader Kawalec speaks at Cyber LIVE

Leadership & Strategy

Twitter timeline – how Musk pulled off a hostile takeover

Leadership & Strategy

Top 10 Asia restaurants, from Tokyo’s Den to Bangkok’s Sorn

Leadership & Strategy