Current Global Scenario: Renewables
A recent report tracking the progress of Sustainable Development Goals (SDG 7) claimed that global economies would not be able to ensure universal access to affordable, sustainable energy by 2030 if they do not scale their efforts towards clean energy resources. Despite remarkable efforts to boost overall access to electricity, promotion of renewable energy for electricity generation, and significant improvements in energy efficiency, the efforts seem insufficient to reach SDG 7 goals, post the spread of the coronavirus pandemic. Governments worldwide are expected to show political commitment, indulge in long-term energy planning, increase public and private financing, and offer adequate fiscal incentives to streamline alternative energy deployment.
Australia’s Renewable Energy Market
Australian renewable energy industry boasts of 4.4GW of new renewable energy capacity installed which means that almost a quarter of Australia’s electricity supply comes from renewable energy sources, as claimed bya 2019 Clean Energy Australia Report. The report also states that $20.4 billion in investments were made in renewables in the country, which created more than 14,500 jobs.
Why are Renewables the Smartest & Most Cost-Effective Investment for Australia?
After one of the worst wildfire seasons brought climate change to the center of the country’s agenda, Australia is on the verge of a paradigm shift towards green energy. There is an immediate need to accelerate investment in the renewables.
To realize the ambitious Renewable Energy Targets of reaching zero emissions by 2035 and harnessing cheap energy, renewable resources of energy offer an attractive recourse. Australia plans to fast-track the development of solar power systems and wind power projects with an investment of $50 billion.
Coal-fired power stations in the country are aging, with many due to retire within the next fifteen years. Australia has reached a crossroads, where it has to grow its renewable capacity and accelerate work to upgrade its outdated grid infrastructure in order to transition to a modern, clean energy system successfully. In the advent of the COVID-19 crisis, the adoption of renewable energy sources can empower Australia’s crisis management and economy rebuilding plans. Renewables like wind energy and solar energy insulate businesses and households from rising energy costs while helping the nation meet emissions reductions obligations. Moreover, investments in building renewable energy infrastructure are smart as they would boost large-scale job creation for the natives.
Australia has an advantage when it comes to leveraging renewable power: the cost involved in accelerating the transition to renewables is low in Australia. Renewables can empower the country to become an economic giant in a post-corona world. Moreover, the country plans to export solar power overseas.
In 2019, a surge in the number of roof-top solar installations attributed to a record-breaking third consecutive year. The demand for new solar energy avenues will organically replace Australia’s exhaustible energy resources.
With renewable adoption all over Australia, Natural Solar Company aims for a sustainable future with a reduced Carbon footprint through state-of-the-art products like solar panels, solar inverters, and solar batteries. The company pledges to support the country’s initiative to emerge from the pandemic crisis as a renewable energy superpower in the post-COVID world.