Unlocking Australia’s Energy Transition – What’s Needed to Reach Net Zero by 2050?
In 2022, Australia pledged to cut carbon emissions by 43% below 2005 levels by 2030, together with a national renewable electricity target of 82% by 2030, leading the pathway to net-zero by 2050.
The net-zero target has unleashed a wave of enthusiasm for the energy transition – Australia will need to increase the speed of installation of renewable capacity to meet the targets, along with the required upgrades to the grid infrastructure. With its favourable natural conditions, abundant renewable energy resources (wind and sun) and extensive land areas, Australia is perfectly positioned for the green energy transition, but not without its challenges.
The National Electricity Market (NEM), which covers the eastern and southern jurisdictions and ~85% of the country’s total electricity consumption, will play a major role in the achievement of the net zero target. From renewable energy targets to enhanced market frameworks, the NEM is transforming at a significant pace.
In this webinar, Joern Schwinge, Head of Energy Management Consulting in Australia, recaps the targets, challenges and work being undertaken for the NEM to accomplish an orderly transition. Jonathan de la Vina, lead of our NEM modelling, presents our views on the plausible impacts of the targets and future technologies on the NEM’s operations and prices.
