• By The Financial District

Australia Seeks To Become A Renewable Energy Superpower

Australian Prime Minister Anthony Albanese has vowed to make his country a hub of green energy, adding that “the challenge of climate change is also an opportunity going forward that we must seize to, indeed, become a renewable energy superpower.”


Photo Insert: Australia's Clean Energy Council reported that renewables were responsible for 32.5% of the country's electricity generation in 2021.



Earlier this year, Australia's Clean Energy Council reported that renewables were responsible for 32.5% of the country's electricity generation in 2021.


Figures from the Australian government show that fossil fuels accounted for 76% of total electricity generation in 2020, with coal’s share coming in at 54%, gas at 20%, and oil at 2%. Renewables’ share came in at 24%, CNBC reported late on Aug. 16, 2022.



In April, Australia’s Department of Industry, Science, Energy and Resources said renewables were responsible for estimated 77,716-gigawatt hours of electricity generation in the calendar year 2021. This works out as 29% of total electricity generation.


Effective, large-scale storage systems are set to become increasingly important as renewable energy capacity expands and Australia has to invest in this system if it were to achieve its goal of becoming a renewable energy superpower.


The International Energy Agency (IEA) said investment in battery storage grew by nearly 40% in 2020, reaching $5.5 billion.



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