Philip Chronican said the government should stick to its renewable electricity target, warning the nation’s standard of living could drop without a proactive approach to net-zero.
National Australia Bank chair Philip Chronican says the government should stick to its ambitious target to dramatically lift the role of renewable energy in the country’s electricity grid by 2030, as he warned the nation faced a $270 billion hit to its exports as the world moves away from fossil fuels.
As NAB released a report it commissioned from Deloitte that highlighted the opportunity from decarbonisation, Chronican also underlined the cost of not doing enough. Realising this opportunity would require a rapid build-up of Australia’s renewable industry and supportive infrastructure to take advantage of the country’s sun, land, wind and water endowments, Chronican said.
The NSW and Victorian governments have this month announced support mechanisms to keep coal power stations running for longer than planned if necessary.
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