The latest national energy plan from Australia’s market operator indicates that commitments made at COP28 to triple renewable generation capacity by 2030 are achievable with increased investment in generation, storage and transmission.
Clean Energy Council Chief Executive, Kane Thornton said the plan was a call to action that places the urgent need to support the industry in building new renewable generation and storage in sharp focus.
“This reaffirms renewables are the key to meeting the energy needs of Australian homes and businesses, and our commitment to achieving net-zero by 2050,” said Clean Energy Council Chief Executive, Kane Thornton.
“Renewables lead the pack in providing the most reliable energy at the lowest cost, right now, and into the future.
“The debates around this are effectively over and can now be placed in the category of unhelpful distractions as the renewables industry gets on with the job of building what is required to secure Australia’s future.”
The ISP includes an optimal development path of generation, storage and transmission investments needed to meet the energy needs of homes and businesses as Australia transitions to a net-zero economy by 2050.
The plan highlights the urgency for investment to ensure that Australians can continue to have access to safe, reliable and affordable energy.
Some of the key features of the plan include:
“Continued coordination between federal, state and territory governments on calibrating policies to attract and sustain investment will be the cornerstone of the success of every aspect of Australia’s clean energy transformation,” said Thornton.
The 2024 Draft ISP also highlights the continued influence of record demand for clean energy technologies, materials, investment and labour on supply chains, predominantly driven by public incentive programs such as the Biden Administration’s Inflation Reduction Act in the United States, and the European Union’s Green Industrial Plan 2022, among others.
The plan also indicates that a record number of Australians are turning to solar PV to better manage their energy costs and reduce their bills. AEMO aims to build greater consumer trust in successfully connecting home storage systems to the grid, further driving down household energy bills by generating, storing and using their energy supply when it best suits them.
“The success of Australia’s energy transformation will also rely on demonstrating continued resolve in meeting our commitments, and making the case that Australia is the natural home for renewable energy investment in a more competitive global marketplace racing towards net zero,” Thornton said.
The Clean Energy Council will consult with members on the details of the Draft ISP and look forward to working alongside AEMO on the finalisation and implementation of the 2024 ISP.
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Clean Energy Council Media Officer
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