Ahead of the coming Federal Election, the Clean Energy Council (CEC) has urged the next federal government to establish a new authority with at least $1 billion funding to invest in transition initiatives in coal communities across Australia.
This authority would take the lessons from the Hazelwood Power Station closure and act to co-ordinate and leverage resources and capability across local government, unions, training providers, universities and regional development initiatives. Funding would allow them to support targeted investment in the transition and stimulate new economic and employment opportunities in these regions.
“Today’s announcement is a reminder that coal power stations will close faster and faster,” CEC chief executive Kane Thornton said. “That means that every effort must be taken to accelerate the roll out of the wind, solar, storage and transmission that is needed to complete our shift to a modern electricity system.”
The clean energy transition is well and truly underway. In its Draft 2022 Integrated System Plan, the Australian Energy Market Operator (AEMO) predicts that renewables will have a 79% share of the National Electricity Market (NEM) by 2030, which involves the retirement of more than half of current coal capacity in the next eight years.
“The massive uptake of renewable energy is creating thousands of jobs, driving down power prices and resulting in a fundamental shift for Australia’s energy system. This is allowing more of our very old, expensive and polluting coal-fired power stations to close,” Thornton said.
The International Energy Agency’s roadmap to net-zero by 2050 report says the world must phase out all unabated coal plants by 2040, while the least efficient coal plants (which is most of Australia’s coal fleet) need to be phased out by 2030.
Twenty-four coal-fired power stations are operating in Australia, and approximately three-quarters of those are now running beyond their intended design life.
“By the time the next Federal Election rolls around, Liddell will have closed, and Yallourn will be a few years from closure, which is why policy decisions made at this election are critical,” Thornton said.
“International and Australian experience shows that proactive, planned approaches to industrial transition are likely to achieve far better economic and employment outcomes than reactive, emergency action after closures are announced.
“It is imperative that industry, government, unions and communities work together to manage this inevitable transition so that people and their communities aren’t left behind.
“There are enormous opportunities in the new energy world, but it requires leadership, planning and commitment to unlock and take everyone with us,” says Thornton.
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