With sustainability goals rising in demand, every country is putting its best foot forward when it comes to attaining greener renewable energy that will not only be better for the environment but it will also help the grid and citizens of their respective countries in terms of fees and efficiency. As we near the end of 2024, Australia is set to add over 1400 MW of new renewable energy projects worth $3.3 billion. This is a big boost for Australia’s clean energy plans, helping the country meet its energy goals for this year and beyond.
Not only will these projects help the environment and work alongside climate goals, but they will also lower electricity costs, making the energy supply more reliable, and reducing pollution. Australia is well on its way to making this goal of making 82% of its energy renewable by 2030, as it planned before.
Furthermore, CEO Kane Thorton of the Clean Energy Council discussed that these recent months have been pivotally strong investment data, particularly in the field of renewable energy, since two years ago, i.e., at the end of 2022. This data shows that the green energy goals are possible, and so far only positive signs have converged that the conditions for the renewable sector are gradually improving.
The new renewable energy projects will aid in lowering electricity costs over the years. As more power plants are built, Australia’s electricity is said to become a lot more cheaper as well as more reliable.
The current goal here is to develop around 82% of its energy from renewable sources in the next 5 years.
Investment in energy storage also reached a new high, with 1235 MW (or 3862 MWh) of storage committed in Q3, which will help make Australia’s energy supply more stable. This represents a 95% increase compared to Q3 2023. More energy storage is crucial for keeping the electricity system reliable and adaptable, especially as renewable energy is ever-expanding.
