A new report from the Australian Academy of Technological Sciences and Engineering (ATSE) says Australia is set to generate 50 per cent of its electricity from renewables by 2025, with that figure on track to rise to 69 per cent by 2030.
In its “Here and Now: The State of Low Emissions Technology in Australia” publication, the ATSE highlights the momentum of Australia’s transition from fossil fuels to renewable energy but warns that significant investment is needed to keep progress on track.
As solar and wind become cheaper energy sources, there could be periods when clean energy powers 100 per cent of the grid at times by 2025, a significant milestone in Australia’s transition.
However, for these scenarios to be realised, the ATSE says urgent investment in Australia’s wind and solar farms – as well as back-up services such as batteries and pumped hydro – is needed.
It also acknowledges that gas may be required to act as a safety net during times of high demand or when wind and solar are insufficient to produce the energy needed.
“Australia is in the throes of an energy crisis, with electricity generation prices around 115 per cent above the previous highest average wholesale price ever recorded,” states the report.
“Meanwhile, all states are achieving record highs for renewables powering our electricity system.
“It is critical to determine how these technologies will work harmoniously to decarbonise energy systems, provide new economic opportunities and meet the needs of Australian industries, communities, and people.”