Australian knowledge, talents and natural advantages, not US subsidies, will underwrite decarbonisation of the rich and densely populated economies of North-East Asia and Europe, writes Ross Garnaut.
are a start. Achieve these, and we have a base for acceleration beyond 2030. Fail on the 82 per cent, and we fail on the 43 per cent. Fail badly on 82 per cent, and electricity prices rise catastrophically, as coal-based generators retreat into history without replacement.
Since the abolition of carbon pricing, the renewable energy target has provided the incentive for renewable energy investment. Voluntary surrender of renewable certificates has supported some expansion since the mandatory increases ended in 2020. Recalibration does not mean 82 per cent of anticipated grid-level demand for power. Adjustments can be made for continued momentum in rooftop solar . Adjustments can be made for the exclusion of old hydro-electric generation, and for established levels of voluntary surrender of certificates.
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