The 2022 election result will go down in history as a turning point in Australia’s renewable energy transition.
There are enormous pools of debt and equity willing to finance this transition, but the private sector needs more than words before cheques are cut. Corbell says the transmission line under construction to connect South Australia and NSW – Project EnergyConnect – took more than a decade to approve.While red tape needs cutting, Scaysbrook says new rules must also to be written.
Similar to the UK’s model, the mechanism would prevent blackouts by financing backup generators, such as batteries, gas or synchronous condensers . “These might only operate five to 10 minutes of the year, but that is the period when the lights go out,” Scaysbrook says.While these factors work to increase the supply of renewable energy, the other side of the equation is decreasing demand.
The economy is crying out for a nation-building agenda to help create jobs and drive growth. The science demands it, as the window to prevent the worst of climate change is fast closing.Anyone who is renovating their home would know how difficult it is to obtain materials, causing construction timeframes to blow out. Australia’s green energy transition requires a building boom.
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