Australian climate leaders will convene in Canberra today to lobby the Australian Government to expedite the implementation of a Renewable Energy Storage Target.
In a statement, the Climate Council said the Renewable Energy Storage Target, according to a joint statement released by the organisations, is ‘the fastest way out of Australia’s current energy price crisis’.
The organisations are urging energy ministers to establish a Renewable Energy Storage Target as soon as possible at the next Energy Ministers’ Meeting, which is scheduled for early December.
A Renewable Energy Storage Target would stabilise prices, reduce emissions, and increase the quantity of renewable energy accessible in the electrical market. It accomplishes this through a hybrid regulatory-market paradigm.
According to recent Climate Council data, a Renewable Energy Storage Target could liberate $42 billion in private investment and create around 100,000 renewable energy employment.
The organisations said new wind and solar projects coming online at a rapid pace should be paired with a national Renewable Energy Storage Target to provide reliable, secure energy to Australian households and businesses.
Smart Energy Council CEO John Grimes stated that Australia can’t achieve 82 per cent renewables by 2030 unless it unleashes renewable energy storage, which necessitates the establishment of a Renewable Energy Storage Target.
“We need everything from electric vehicles plugging into the grid, household battery systems to unlocking massive investment through the Renewable Energy Storage Acceleration Scheme,” Grimes added.
Amanda McKenzie, CEO of the Climate Council, said: “Moving to cheap, clean renewable energy will free Australians from the huge energy bill shocks they’ve been facing this year. At the same time, it will put us on track to make the deep cuts to emissions we need this decade to avoid more harmful climate change. Wind and solar power backed by batteries and pumped hydro is the recipe we need for cheaper, cleaner and more reliable energy, so let’s get on with delivering it.”
Clean Energy Investor Group CEO Simon Corbell stated that it is known that billions of dollars are waiting to be released to create a clean energy future. Corbell added that a Renewable Energy Storage Target sends the proper signals to investors while simultaneously lowering consumer costs.
Heidi Lee Douglas, National Director of Solar Citizens, said: ”During this energy crisis, more than three million Australian households with solar panels on their roofs have been buffered from volatile gas and coal prices. Now, our state and federal governments must further harness our sun power and enable more people to take up solar with a Renewable Energy Storage Target that incentivises home or community batteries, including vehicle-to-grid technology. We can save everyday Australians hundreds if not thousands of dollars per year, stabilise our electricity grid, and save on transmission network upgrades by rolling out small-scale battery storage.”
