The Clean Energy Council, an Australian renewable energy authority, has reportedly announced its plan to create over 50,000 new jobs through to the current pipeline of projects for solar and wind energy generation. This development plan would bring in about $50 billion worth of investment in the region amidst the deteriorating economic situation.
An industry group, through a recent report, stated that accelerated investments in the renewable energy sector would support the economic recovery of Australia, which has been adversely affected due to coronavirus.
The report also stated that bringing forward the approved renewables projects might also help lower the power bills, and further enable the country establish itself as a clean energy superpower, creating job opportunities in local communities that are generally left behind.
The industry group claims that taxpayers need not carry the entire financial burden of projects since private investors are showing a massive amount of interest in making investments in the field of renewable energy.
The report states that the key is to clear smart regulatory reforms that unblock immense pent-up private investment. This is crucial since investments in renewable energy projects slowed down in 2019 owing to the RET (Renewable Energy Target) expiration, reduced electricity rates, along with the inadequacy of the country’s transmission network and substantial obstacles to grid connection.
Chief Executive Officer of Clean Energy Council, Kane Thornton stated that presently there are hundreds of large-scale solar and wind projects that have planning approval and are also well placed to move ahead rapidly.
The ESB (Energy Security Board) raised concerns regarding the grid’s capacity to handle more renewables in February 2020. It also stated that surged renewable generation needed ongoing grid configuration causing analysts to call for higher investments in transmission and storage.
The council argued that clean energy is among the very few business sectors that can provide massive economic development while also lowering Australia’s carbon emissions, allowing the country to meet its international commitments.