The Prime Minister has set out to rebuild Australia’s international reputation in renewable energy. In the most recent Sydney Energy Forum the PM laid out a vision for the future of the nation’s renewable sector. This marks a clear contrast with the previous government’s climate policy.
The Paris agreement 2030 emissions reduction target was increased from 26% to 43%. The reduction targets are compared to 2005 emission levels. Albanese has said this is to be consistent with net zero goal of 2050. At the centre of this plan is an emphasis on hydrogen projects, more than 91% of it being green hydrogen.
Another key part of the plan is an up to $3 billion dollar investment in areas such as energy storage. Establishing the first National Electric Vehicle Strategy should make electric vehicles cheaper. Similarly, the government look to expand hydrogen refuelling infrastructure. This will make clean transportation more accessible to the Australian consumer.
The plan put forward aims to create 604,000 new jobs in the renewable sector. The vast majority of these will be created in regional Australia. This rapid growth of the sector will bring renewable energy to 82% of the national energy market. The Government projects that their plan will encourage $52 billion in private sector investment.
The PM announced that they will enshrine all targets into law. When parliament resumes at the end of this month the Climate Change Bill will be introduced. This should provide the certainty private investors need to commit to the sector. There will be a requirement for the climate change minister to report annually on the progress of these plans.
The PM set out a plan for increased climate corporation with Asian countries. He referenced the shared challenges climate change poses to nations in the region. He committed to working toward affordable green energy across the Indo-Pacific region. This is a vital step in moving toward a net zero world.
The Asian clean energy market accounted for 80% of global investment in the sector in 2021. Many plans are in the works for greater connectivity of the Asian renewable energy market. One of which is the Australia-Asia power link which will provide Singapore access to Northern Australia’s solar energy.
In summary, the Prime Minister’s address provided a broad picture of the government’s plan for renewable energy. The government appear committed to improving Australia’s position in the global fight against climate change.