Australia still has one of the most emissions intensive electricity systems among advanced economies. International Energy Agency data shows that Australia’s electricity system produced 0.755 tCO2-e per MWh in 2015, nearly twice the 0.404 tCO2-e per MWh on average produced in OECD member countries. Coal, the most carbon intensive fossil fuel, remains the dominant energy source for Australia’s ageing electricity generation fleet, according to AEMO data.
Renewables has experienced strong growth in recent years and CEFC investments in large-scale solar are accelerating the development of more than 1.3GW of renewable generation capacity across the nation, which in turn have contributed to the significant improvements in knowhow, costs and technologies for the Australian solar sector overall. However, considerable additional investment in large-scale renewables, transmission and energy storage and distributed energy resources is required to decarbonise Australia’s electricity system.
Increasing the amount of renewable energy generation in our electricity mix is essential for the Australian economy to achieve net zero emissions in the second half of the century. Our investment in large-scale solar continues to play a major role in accelerating Australia’s clean energy transition, with CEFC finance helping to demonstrate the commercial potential of these investments in the ongoing development of Australia’s critical energy infrastructure.
A key feature of the CEFC’s role in the market is to encourage critical technologies that assist in Australia’s smooth transition to a cleaner, more reliable electricity grid. In this presentation CEFC CEO, Ian Learmonth, will discuss investment trends for solar and storage projects and what further investment is required to accelerate Australia’s clean energy transformation.