| April 18, 2023

Major CEIG Report Release Provides Detailed Pathway on Warming Target Aligned Investment

The Smart Energy Council Applauds the call for a real 1.5 degree aligned investment scenario for the National Energy Market.

The Clean Energy Investor Group has released a cutting-edge report setting out the need for investment in renewable energy, to more swiftly phase out our old and breaking down coal fired power plants.

The opportunity for Australia to become a renewable energy superpower will be the greatest uplift for our economy for the 21 st century so far.

But if Australia wants to unlock this potential, and decarbonise our own electricity and industry, we need a tangible plan for investment to deliver these kinds of build out of renewable energy projects.

The report released by the Clean Energy Investor Group has demonstrated this plan, which includes closing our old shakey coal plants earlier than expected, all the while delivering a cheaper energy system with renewables.

This plan puts in place a credible pathway to achieve the renewable energy buildout required. This is what the investment community needs to get the job done. The Smart Energy Council is committed to delivering a credible pathway to a 1.5 degrees aligned electricity system in the NEM.

This means we need:

  • Coordination at the national level to build the renewable energy and storage we need to retire our coal plants as they become unreliable.
  • Investment in long duration storage.
  • Support for the offshore wind industry in Australia.
  • A timely and efficient buildout of the required energy infrastructure.
  • Massive investment in the skills, supply chains and communities who support these projects.

 

You can download a copy of Decarbonising Australia: Accelerating our energy transition with a credible 1.5°C scenario here.

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