Australia Renewable Energy
The growth in the renewable energy sector in Australia over the past five years has been significant. The industry passed a significant milestone in 2020; renewable energy was responsible for 27.7% of Australia’s total electricity generation. It was the first time that more than a quarter of the country’s energy came from renewable sources. This represents a significant transformation that makes Australia’s electricity system cheaper, more reliable, and cleaner.
Much of this progress was driven at a state level. Several renewable energy policies and targets were introduced in 2020 to lower emissions. Tasmania became the first Australian state to achieve 100 percent electricity consumption from renewable energy in 2020. While New South Wales, Victoria, and Queensland are committed to developing Renewable Energy Zones (REZ). These REZ are the renewables-based equivalent of a power station, combining generation, transmission, and storage to make the energy system secure, affordable, clean, and reliable. Estimates predict the Central West Orana REZ zone alone could attract $4.5 billion in private sector investment, providing an opportunity for US exporters and investors. As the Australian state governments work towards lowering emissions, there has been a continued increase in clean energy jobs, with the industry employing more than 25,000 Australians in 2020.
At the Federal level, the Australian government launched the Technology Investment Roadmap in 2020 as a strategy to help the country meet its emissions reduction targets. This presents an opportunity for US exporters. Priority technologies include Clean Hydrogen; Energy Storage; Low Carbon Materials; Carbon Capture and Storage Compression Hub and Storage; and Soil Carbon.