OPINION: Every sector of the economy will be affected as the nation chases the net-zero commitment. It’s a gigantic task needing relentless execution.
The introduction of a legislated target to reduce Australia’s greenhouse gases brings a new dynamic into the great energy transition.
Every sector of the economy will be affected. Inside the next 30 years, we must: reinvent and dramatically expand a century-old electricity system; abandon a gas system that is close to 200 years old; adopt new technologies across all modes of transport; transform the way we make iron and steel, cement and concrete, alumina and aluminium, fertilisers, and explosives; and make big decisions on the food we eat and how it is produced.
Transmission and storage infrastructure must be rapidly built to support a system increasingly dominated by solar and wind generation – as much as 82 per cent by 2030. The easiest part of this challenge has been met, largely because the existing grid could support more renewables than many anticipated a few years ago. That capacity has been largely exhausted. This is not a financing problem. Governments and regulatory bodies must lower the planning and regulatory barriers.
Gas with carbon capture and storage or offsets currently looks to be the only viable solution to ensure supply reliability in a grid with 90 per cent or more renewables. Replacing gas where it is valued for high-temperature industrial activities or as a feedstock requires rapid development of replacement technologies, including hydrogen.
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Energy revolution alone can save commitment to net zeroOPINION: Every sector of the economy will be affected as the nation chases the net-zero commitment. It’s a gigantic task needing relentless execution.
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