The report finds that investment in Australia’s renewable energy resources could stall in 2020 unless the Renewable Energy Target (RET) is increased out to 2030.
Modelling results presented in the report show that under the current carbon price scheme, with no increase of the RET after 2020, investment in most renewable energy industries will collapse post-2020 – for between 4 and 32 years – until cost convergence is achieved subject to carbon price.
Modelling indicates that a RET out to 2030 of between 137,000 GWh and 169,000 GWh (which is equivalent to a target of 43-53% of business-as-usual electricity demand) would prevent this post-2020 stall in renewable deployment and put Australia on the pathway to 100% renewable energy by 2050.
“The report also makes it clear we should be planning now to electrify the transport system and to grow renewable energy to meet the increased demand in the electricity sector”, said WWF’s Climate Change National Manager, Kellie Caught, “We can’t keep ignoring rising emissions from transport; electrification from renewable energy is the obvious solution.”
The report finds that removing the carbon price would mean having to find $65 billion over the next 40 years for renewable energy investment to deliver the same results.
“Transitioning to 100% renewables is desirable, technically achievable, affordable, and popular amongst Australians. What we need now is for governments to bring the renewable economy into reality,” Ms Caught said.