"Australians will bear yet another blow to our cost of living in July when
electricity prices will surge up to 18.3%, which amounts to over A$250 per year
in some cases.
This is partly due to geopolitical tensions driving up the cost of generating
electricity from coal and gas – costs that are increasingly volatile – leading
the Australian Energy Regulator to increase its so-called “default market
offers” for electricity retailers in New South Wales, South Australia and
If the Albanese government ever needed another reason to turbocharge its
efforts on renewable energy and storage, this is it.
Investing in renewables, energy storage, electric vehicles and other clean
industries will not only lower power prices, but will also lower emissions,
increase our self-sufficiency, create new jobs, and protect us from
international price shocks like we’re seeing now.
Fortunately, the Albanese government has a strong mandate for game-changing
climate action this decade. The government aims for renewable energy to make up
over 80% of Australia’s electricity mix by 2030, but its pledge of $20 billion
for new transmission infrastructure means we can aim higher and go faster.
Holding us back, however, is continued investment in the coal industry. Indeed,
doubling down on fossil fuels right now would be extraordinarily reckless from
a security perspective – as the United Nations climate envoy pointed out this
month, “no one owns the wind or the sun”.
So how can Australia transform into a renewable energy powerhouse? Here are
three important ways the Albanese government can meet its ambition swiftly and
*** Xanni ***
Chief Scientist, Xanadu
Partner, Glass Wings
Manager, Serious Cybernetics