BloombergNEF’s latest New Energy Outlook: Australia details how the country can still meet decarbonization targets and achieve net-zero emissions by mid-century. With $2.4 trillion of investment and a transformative shift to 290 GW of wind and solar capacity by 2050, the goal is within reach. Key insights from our Net Zero Scenario: ◾ Rapid Transition Needed: 135% growth in renewable energy capacity by 2030 ◾ Power Demand Surge: 2.5-fold increase ◾ Energy Mix Evolution: Almost a full shift away from unabated coal and gas, embracing renewables and flexible technologies 🔗 Read more: https://bloom.bg/4cyLBD2 #ClimateAction #Sustainability
The BloombergNEF outlook for Australia shows a clear path to net-zero emissions by 2050, but it requires bold action and significant investment. A 135% increase in renewable capacity by 2030 is ambitious but necessary. The energy transition is both challenging and full of potential. 💡🙌🏻
Australian overall power demand has been going downwards. I wonder where will this come from: “Power Demand Surge: 2.5-fold increase”
A key statistic here: energy spend under the net zero scenario is only 12% higher than the BAU counterfactual. The FUD merchants often cite GROSS cost figures for net zero to alarm us, without acknowledging that most of that cost would be incurred anyway, even without any climate action.