‘This is not the future’ – Australian firm calls for $50bn in investment in renewable energy

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Posted November 16, 2018 11:30:58 Australian energy company Energetics says it has come up with a new plan to address the challenges facing the country’s renewable energy sector.

Key points:Energetic says it wants to invest $50 billion in renewable technologies to deliver energy security and clean, renewable energySource: IndependentA report by the US-based renewable energy research and development company Energys predicts Australia will need to invest an additional $50.5 billion to meet its climate goals by 2030, compared to 2020 levels.

In a submission to the Australian Government, the firm says Australia has been slow to embrace the development of renewable energy technologies.

The Australian Government has proposed $1.6 trillion in infrastructure spending over the next 10 years.

But it has also made commitments to ramp up investment in the renewable energy industry, with $250 million earmarked for the Renewable Energy Target (RET) and $500 million for the Climate Change Authority.

Energets latest submission to Mr Turnbull calls for a “radical transformation” in how renewable energy is built, financed and managed.

“Energys believes the Australian government needs to invest more money in renewable technology as a catalyst for investment,” it said.

“Australia’s renewable sector needs to be taken seriously by all Australians and by governments.”

The submission states the RET will deliver an extra $4.7 billion over the 10-year period and is also a “major investment opportunity”.

“The RET provides the framework for investment and it will be important to have the right people in place to manage the transition to a new and improved energy system,” it states.

It says the RET is a “significant contributor” to Australia’s overall carbon reduction goals and will help reduce emissions of greenhouse gases.

“While the RET has its shortcomings, the RET and other climate policy measures are an important way to address our emissions and carbon emissions in Australia.”

The company’s submission says a $50-billion investment in Australia’s renewable industry could generate 1,000 new jobs and create 1.3 million renewable energy jobs.

Energies submission says more than 1,200 renewable energy projects are under development in Australia and the US, with projects planned for the Northern Territory, Western Australia, New South Wales, South Australia and Queensland.

“Renewables are the future of the energy sector,” the submission states.

“This is a major investment opportunity for Australian industry and jobs.”

Investments in new renewable technologies and the development and deployment of more efficient and effective power plants are the only solutions to our carbon pollution and carbon pollution costs.

“The Energies report also says Australia is currently the third largest renewable energy market in the world.

It points out that in 2020 Australia had about 7.4 gigawatts of renewable capacity, and in 2030, it could have about 15 gigawatts.