27 Apr Australian power could be 100% renewable by 2050
A report based on a collaboration between World Wide Fund for Nature (WWF) and the Australian National University (ANU) stated that Australia could source all of its power needs from renewables by 2050 without incurring massive costs if there were clear national policy settings to support investment in renewables. The Abbott Government is expected to set post-2020 emissions reduction targets in June 2015. The joint WWF/ANU report synthesises research to highlight that renewable energy is becoming cheaper, and therefore it is also cheaper to reduce carbon emissions. It noted that the cost of wind and solar have fallen much quicker than expected, with large scale solar panel power stations now approximately half the cost of the Australian Treasury’s 2008 and 2011 modelled cost estimate for the year 2030. If clear and stable policy setting were in place to support investment in renewables in Australia, a financially sound transition to near zero carbon systems could be achieved by 2040.