Markets

Global efforts to build energy and transport systems based on lower-emission sources are expected to drive Australia’s mining and energy export revenues to record highs of more than $400 billion for a second consecutive year.

In May, Australia voted out its conservative government, which had held power for almost a decade. Instead, it turned to Labor, female independents, and minor parties with far greater climate ambitions. In short, it shifted to an entirely different approach to politics.

With new modelling by PricewaterhouseCoopers Australia revealing that businesses will spend $3.7 billion on advisory services supporting their transition to a clean economy by 2030, the firm has launched a new unit designed to help facilitate the nation’s successful transition to a decarbonised economy.

The quickening exit of coal-fired generation from Australia’s energy mix – with 60% of capacity expected to be withdrawn from the National Electricity Market by 2030 – has emphasised the need for significant investment in renewable energy generation, storage, transmission, and system services.

Australian energy giant AGL Energy has revealed that Canadian fund manager Brookfield Asset Management has acquired a more than 2.5% stake in the power producer, renewing speculation it may mount a fresh tilt to take over the company.

The Australian Energy Market Operator has declared approximately $12.7 billion of investment in new transmission lines should begin “as urgently as possible” to accelerate the transition to renewable energy and energy storage, replace exiting coal-fired power plants, and deliver a more efficient and effective grid in eastern and south-eastern Australia.

The main winner of the first renewables auction in the Philippines was developer Solar Philippines Nueva Ecija Corp. (SPNEC), which secured five solar projects, or 1.35 GW of capacity.

Australia’s small-scale solar and battery energy storage installation rate has remained robust in the face of a number of challenges. By virtue of this resilience, it is adding jobs and contributing the country’s decarbonisation, reports Nikhil Jayaraj, the Managing Director of Regen Power.  

In recent years, Longi has turned its attention to green hydrogen. Li Zhenguo, company founder and CEO, speaks with Vincent Shaw in Shanghai about the strategic shift and how coupling this technology with solar PV will be key to achieving carbon neutrality.

Eight of the 24 bidders in the latest renewables auction in the Philippines are focusing on solar, along with eight bidders looking at wind, seven linked to run-of-river hydro, and one connected to biomass.