TIME FOR A RESET The renewable energy sector is expanding by the day and winning more support among investors and the community. Meanwhile the popularity of the political party that staunchly supports old polluting technologies is waning, despite the fact coal giants appear to be conceding the market is undergoing a fundamental shift. Has the tide finally turned?
AUSTRALIA’S ENERGY INDUSTRY recently commanded headline news for all the right reasons: the proposed early closure of two coal plants (albeit decades between them)
not a gamble but born from a deep understanding of the natural progression of markets. And beyond that, to determine with a relatively high degree of accuracy
and a billionaire’s bid for the country’s
and confidence just what lies ahead and
biggest polluter top the list. Staying on
take appropriate action. It’s a modus
positives, there’s a promising pipeline of
operandi that has proven resoundingly
new, multi-GW renewables capacity across
successful and is highlighted by the
the length and breadth of the country.
runaway global success of his company
What we are witnessing is a renaissance of the energy industry, with renewables
Atlassian. The audacious $8 billion bid by Grok
projects and aspirations driven by
Ventures and Brookfield to replace AGL’s
progressive state governments, investors,
7GW of coal infrastructure with an 8GW
developers and innovators who are
renewable energy project by investing
shaping a decarbonised society.
$20 billion on smart energy technologies
Mike Cannon-Brookes is one staunch
and dial down to zero emissions by 2035
individual determined to make a difference.
sent whoops of joy (albeit short-lived)
It wasn’t that long ago he was on the
among climate activitists, environmental
podium at a Smart Energy conference
campaigners and the renewable energy
where he revealed his billion dollar ‘punt’
industry alike.
on renewables – then referring to the top end 5GW Sun Cable project – was
Cannon-Brookes maintains there’s no logical reason, no economic reason, why
IPCC: Beware the future. Extremities on the way The latest report from the IPCC states the world faces unavoidable multiple climate hazards over the next two decades with global warming of 1.5°C. To avoid mounting loss of life, biodiversity and infrastructure, ambitious, accelerated action is required to adapt to climate change, at the same time as making rapid, deep cuts in greenhouse gas emissions. So far, progress on adaptation is uneven and there are increasing gaps between action taken and what is needed to deal with the increasing risks.
8 AUTUMN 2022
