Net-Zero Australia calls for $9 trillion investment by 2060

REBEL STORE AUSTRALIA

Get Rebel News Australia merchandise! All our products are printed in and fulfilled from Queensland.

SHOP NOW

• By Avi Yemini

Sign up for Rebel News Australia!

Get updates on Rebel News coverage in Australia delivered straight to your inbox so you never miss a story!

Sign Up

A massive $9 trillion investment in energy, industrial, and export infrastructure will be necessary for Australia to achieve net-zero emissions by 2060, according to recent research.

This transition is claimed to generate 700,000 direct jobs, primarily in regional and rural areas, as the country moves toward renewable energy sources.

Net Zero Australia, a business-sponsored research partnership, found that the shift would require a rapid expansion of wind and solar farms, transmission infrastructure, and energy storage, as well as increased adoption of electric vehicles and heat pumps.

The main export industries would be located in northern Australia, with significant production in the south, although access to land and water resources may prove contentious.

The research emphasized the importance of renewable energy sources, with wind and solar expected to dominate the future energy landscape. Offshore wind is predicted to contribute significantly starting from 2030. Batteries will play a crucial role in managing peak demand by storing solar-generated power during the day for use in the evening.

However, Net Zero Australia maintained that the country should not avoid using gas as a backup for renewable energy or developing new gas fields. To achieve the national renewable energy generation target of 82% by 2030, the clean energy industry needs to at least double the pace of new large-scale projects.

The Australian Petroleum Production and Exploration Association (APPEA) called for federal government leadership on carbon capture and a clear policy direction to establish Australia as a regional carbon storage leader.

APPEA CEO Samantha McCulloch stated that even with significant renewable energy growth, gas power generation capacity must double by 2050 to support industry and low-carbon hydrogen production.

Michael Brear, director of the Melbourne Energy Institute, highlighted the need for increased renewables and electrification, supported by expanded transmission lines and storage, to achieve net-zero success.

He stressed the importance of a multi-technology approach, including permanent carbon storage and a doubling of gas-fired power capacity.

The report also noted that hydrogen produced from solar, wind, and desalinated water could replace fossil fuel exports.

Chemical engineer Simon Smart from the University of Queensland emphasized Australia's global responsibility and economic incentives to transition from coal and gas exports to clean commodities.

He suggested that producing and exporting green metals using renewable-powered hydrogen could be more viable than exporting hydrogen itself.

The research identified northern Australia as an ideal location for new export industries but also noted that inland New South Wales, South Australia, offshore Victoria, and Tasmania could play significant roles.

The study found 'no role' for nuclear energy unless 'costs decrease significantly'.