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New Energy World
New Energy World embraces the whole energy industry as it connects and converges to address the decarbonisation challenge. It covers progress being made across the industry, from the dynamics under way to reduce emissions in oil and gas, through improvements to the efficiency of energy conversion and use, to cutting-edge initiatives in renewable and low carbon technologies.
What’s driving Australia’s switch from coal addiction to renewables?
17/1/2024
10 min read
Australia’s reputation for foot-dragging on carbon emissions and a locked-in relationship with the coal industry is being demolished as the country transitions to renewables and towards net zero emissions. Nick Yates, Founder of Sydney-based Flexity, explains why this is happening faster than most could imagine.
States throughout Australia and the national government have signed up to a forward-facing strategy which will see ‘King Coal’ dethroned by low-carbon generation in the 2030s. One of the key drivers of the transition is the creation of Renewable Energy Zones (REZs) – virtual power stations on a massive scale, designed to replace coal-fired plant directly. They are an integral part of a much bigger strategic push, designed to revolutionise every aspect of energy in Australia.
Australia’s radical change in energy strategy springboards on the decarbonisation strides taken by individual state governments. Record-breaking floods and droughts are no longer seen as freak events. There is increasing realisation that they are likely to get worse, causing untold misery and financial losses.
Investment strategy revolution
In November 2023, Australia announced its Capacity Investment Scheme (CIS), designed to transform the relationship between national and state governments, with far greater involvement at national level in energy strategy and investment. The scheme aims to supercharge the replacement of coal with clean energy solutions with much greater inter-regional connectivity.