• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 18 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day How Far Have We Really Gotten With Alternative Energy
  • 10 days They pay YOU to TAKE Natural Gas
  • 6 days What fool thought this was a good idea...
  • 9 days Why does this keep coming up? (The Renewable Energy Land Rush Could Threaten Food Security)
  • 4 days A question...
  • 15 days The United States produced more crude oil than any nation, at any time.
A Promising Solution to Boosting Ethanol Production

A Promising Solution to Boosting Ethanol Production

Osasa-based researchers have found that…

4 Bitcoin Trends to Watch in 2024 

4 Bitcoin Trends to Watch in 2024 

The Bitcoin mining industry is…

Australia’s Treasurer Calls For More Investment In Its Energy Transition

Australia’s Treasurer has called for a boost of investment in the energy transition, saying that his next budget will have a focus on transition investments.

“We need a set of prescriptions right for this transformation and right for this country,” Jim Chalmers told media, as quoted by Bloomberg, earlier today.

In response to suggestions that Australia needs its own version of the U.S. Inflation Reduction Act, Chalmers said “We won’t realize Australia’s unique geographical, geological, geopolitical, intellectual and meteorological advantages by designing an Inflation Reduction Act Lite.”

The Treasurer said that the country needs to spend an additional $145 billion, or A$225 billion, by 2050 to make the transition happen.

Chalmers is Treasurer in a Labor government, which pledged it would make Australia get 82% of its electricity from renewable sources by 2030. As part of transition efforts, Prime Minister Albanese recently pledged some A$4 billion, or $2.57 billion, in investments for “green mining, energy and manufacturing,” according to Bloomberg.

Australia has abundant solar power resources and is making good use of them, mainly through rooftop solar installations. Solar and wind are seen as essential for Australia to achieve the Labor Party’s goal of 82% renewable electricity by 2030. However, this will not come free or cheap.

Earlier this month, the Clean Energy Council—an industry association—called for an additional investment of A$100 billion, or $64 billion, over the next ten years to bolster the addition of wind and solar capacity. The body said this investment would help guarantee Australia's international competitiveness as a wind and solar generator and builder of green value-added products thanks to its low-carbon electricity.

Australia relies on hydrocarbons for 68% of its electricity generation, of which coal accounted for 47% in 2022, gas accounted for 19%, and oil accounted for 2%. Renewables accounted for 32% of electricity generation last year.

ADVERTISEMENT

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News