Australia - New renewable energy generation and storage capacity

According to the report, Australia will need to build a massive 320GW of new renewable energy generation and storage capacity over the next 25 years to support the decarbonisation of its major industrial supply chains in line with global climate targets, a new series of reports has found.

The reports, released as phase three of the Australian Industry Energy Transitions Initiative's Pathways to industrial decarbonisation program, focuses on five key supply chains: iron and steel, aluminium, other metals, chemicals, and gas.

According to Australian Industry ETI chair, Simon McKeon, who is also Chancellor of Monash University and a former chair of CSIRO, this - with "high quality and verifiable" offsets for the remaining 8 per cent - would transition industry to net-zero emissions in line with Paris targets.

The 170GW of new big solar and wind capacity would also go towards the production of renewable hydrogen, which the reports identify as a significant emissions reduction tool across heavy industry.

Source: Reneweconomy.com