Australia’s transition to a net-zero economy represents at least a USD$1.9 trillion investment opportunity in the country’s energy system by 2050, according to the New Energy Outlook: Australia report, published today by research company BloombergNEF (BNEF). The report details three future scenarios for Australia’s energy systems and also highlights the impacts of Australia’s aspirations of becoming a clean hydrogen superpower.
Australia’s power sector is its biggest source of carbon emissions today, but it will play a pivotal role in the country realizing a net-zero economy. BNEF’s modeling finds that rapid scaling up of investment in wind and solar power, along with deploying a new fleet of low-carbon back-up capacity, is the cheapest way for Australia to reduce emissions. In BNEF’s Net Zero Scenario, wind and solar installations reach 300 gigawatts by 2050, up from 39 gigawatts in 2022. Solar capacity alone would reach 201 gigawatts of installed capacity by 2050, split between rooftop systems and large-scale projects.
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