Australia will get majority of its electricity through renewable energy by 2040 according to energy analyst’s forecasts. This energy will account for 59% of electricity that will be generated by 2040, as a result of wind and solar energy replacing coal and gas plants. These predictions were published in Bloomberg New Energy Finance in “New Energy Outlook 2015” on Tuesday.
The decline in energy prices will propel the shift and the country’s energy sector will structurally undergo changes irrespective of government policy. Many households and businesses are taking up rooftop solar power installations and meeting energy requirements. The change toward renewable energy from dependence on fossil fuels will occur during the mud 2030s when Australia’s fossil fuel plants would be obsolete.
The fossil fuel generators have about 40 to 50 years lifespan and it would become more cost effective to replace these with wide-ranging solar farms or wind energy generators and it won’t need government subsidies according to Kobad Bhavnagri, Bloomberg New Energy Finance head.
It has been a long break since new coal power stations have been built in Australia and the government policy was important to initiate this. The coal generators are about 50 years old and extremely polluting and these would run as much as possible. If Australia needs to cut down on greenhouse gas emissions a strong and complete power sector policy that deals with closing down coal is necessary. The succeeding governments in Australia need to make strong cuts for emissions to meet the efforts for climatic change globally in effective ways.
If there are curbs on carbon price in fossil fuel power stations then the nation would be able to reach the goal of 100% renewable energy in the years leading to 2040. Cars, trams, and trains can be changed to electrical powered versions to attain green energy targets sooner.