Sky-high energy prices could increase further if the end of coal-fired power is not matched with enough renewables, incoming RBA governor Michele Bullock says.
The Albanese government is aiming to lower emissions by 43 per cent of 2005 levels by 2030 and increase renewable energy toPointing to the decarbonisation of the energy grid, Ms Bullock said there was a great deal of uncertainty about whether renewables would pick up the slack from the closure of coal-fired power plants, despite a sixfold increase in renewables generation since 2006.“Coal-fired power plants are scheduled to be shut down over the next three decades,” Ms Bullock said.
The International Energy Agency estimates that annual investment in clean energy needs to triple by 2030 to achieve net-zero globally.“If realised, this is expected to have some sizeable and possibly volatile effects on overall inflation,” Ms Bullock said. “But this comes with other risks – for example, coal plants may be more prone to outages as the infrastructure ages,” Ms Bullock said.
“For example, Australia has significant endowments of several of the minerals identified by the IEA as important inputs for the energy transition – including cobalt, lead, lithium, nickel, vanadium and zinc, which are used in products like batteries, solar panels and wind turbines,” she said.
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