Covid-19 economic stimulus

The Queensland Government has opened the registrations of interest period for its three planned and well-funded Renewable Energy Zones. The Sunshine State is calling on the renewables sector to come forward and lead Queensland’s renewable revolution.

Such is the Global Village effect that the more globalised we are the more localised we become. The impacts of a global pandemic have choked industries and driven us into self-isolation, but at the same time, we are seeing an acceleration in the ingenuity of sales efficiency in the solar industry and a realisation of the necessity of self-generation. Tie this up with a shift to local government action on renewables and sustainability and the global recovery from Covid-19 is very much a local affair.

The Kimberley Recovery Plan spells out in regional focus the renewable energy investments heading to the Kimberley from the Western Australian Government’s $5.5 billion WA Recovery Plan. The Kimberley region is set for an injection of funds to help fortify a sustainable renewable energy sector, particularly for the uptake of residential rooftop solar and energy storage systems.

A team of international researchers featuring ANU’s Prof Frank Jotzo has published a study on the ‘just transition’ from coal to renewable sources of energy. The paper looks at comparative examples of transitioning economies, taking account of political realities, and ultimately shows that a ‘just transition’ is just about the only transition worth having.

The Western Australian Government’s $5.5 billion WA Recovery Plan was released yesterday, the plan features $66.3 million in renewable energy investment, most of that to go on solar and batteries, along with a significant top up of the Clean Energy Future Fund.

Hesta, a leading industry superannuation fund trusted by 860,000 Australians, has joined a host of other major investment firms nationwide calling on the Federal Government to encourage large-scale renewable investment by setting an emissions target and cleaning up its strategy.

New economic modelling from Accenture’s AlphaBeta has found 76,000 clean jobs just waiting to be created over the next three years if a green recovery from the twin recoveries from the Black Summer Bushfires and Covid-19 were implemented. The Plan, commissioned by the Climate Council, breaks down potential jobs in the hardest hit regions and occupations.

Australian Parents for Climate Action have proposed an initiative called Solar our Schools and published open letter to Prime Minister Morrison calling for large-scale federal investment in solar and energy storage for every school and early childhood centre as part of Covid-19 recovery. 

A “majority” stake of the 300 MW shovel-ready Rodds Bay Solar Farm in Queensland has been purchased by UK investment firm United Green. The announcement comes as state government energy ministers come together to reinforce their renewable energy ambitions in this time of economic recovery, despite “the difficulty” of the federal policy vacuum.

The Clean Energy Council’s latest “Clean Energy Outlook – Confidence Index” shows growing investor confidence nationwide despite the continuance of federal policy ambiguity and the economic impact of Covid-19. Investors and executives singled out NSW in particular as being among the most attractive states for renewable investment thanks to its positive statements and clear strategy.