Big shift in energy: AEMO projections to 2050

ENERGY TRANSITION – PRESENT DAY TO 2050

30X increase in storage capacity (batteries, VPPs, pumped hydro) From 2GW (today) to 61GW 9X increase in grid-scale wind and solar (16GW to 141GW)

5X increase in distributed solar PV 15GW to 69GW

~ 2X electricity grid usage 180TWH to 320TWH

BUT

7GW to 10GW increase in gas-powered peaking plants

GOOD NEWS

0% by 2043 coal generation capacity (stark contrast to today’s 60%)

Source: AEMO’s 2022 Integrated System Plan for the National Electricity Market

130m tonnes emissions reduction by 2030 under Labor’s 43% target (based on 2005 levels). Source: Chris Bowen addressing the National Press Club

$1.3 - $1.9bn in direct funding for the gas industry pledged by Coalition between September 2020 and the May 2022 election. $63m also in indirect funding for federal agencies to support gas expansion.

$130bn in past 7 years pocketed by gas exporters. $0 income tax.

$20bn Labor’s proposed investment in new transmission under Rewiring Australia policy.

Smart Energy Council submission on Climate Change Bill 2022 recommends: Devote 25% of the $20bn fund (~$5 billion) to develop smart energy grid using distributed energy resources.

The 80/20 rule: G20 is responsible for 80% of global emissions. US$370bn (AUS$430bn): Joe Biden’s Climate Bill, United States (Passed by the US Senate by a whisker and one week after Australia’s Climate Bill)

WITH

US$160bn tax incentives for clean electricity US$35bn for technologies that reduce vehicle emissions

IMPACT

1bn tonnes reduction in US emissions by 2030 (66% of reduction needed to meet the US climate goal)

BIDEN’S VOW

50 – 52% reduction in emissions by the end of 2030, net zero emissions by 2050.