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Acciona Energia (ASX:ACX) has issued a strong statement urging Australia not to forgo its 2030 energy transition targets. The company argues that abandoning these ambitious goals would squander Australia’s significant advantages in the global push towards cleaner energy.
In its latest report, Acciona Energia emphasized that maintaining the 2030 targets is crucial for leveraging Australia's potential in the renewable energy sector. The company highlighted that achieving these targets would not only position Australia as a leader in sustainable energy but also drive economic growth and job creation in the sector.
Acciona Energia's call to action comes amid growing concerns about the pace of energy transition and the potential impact on the country’s global competitiveness. The company stressed that consistent policies and commitment to the 2030 goals are essential for the long-term success of Australia’s energy transformation.
Acciona Energia (ASX:ACX), one of Australia’s leading renewable energy developers, has called for the country to uphold its 2030 energy transition targets. The company warns that abandoning these targets could result in Australia missing out on substantial offshore capital that would boost regional economies.
Managing Director Brett Wickham highlighted the risks posed by the Coalition’s proposal to abolish the 2030 targets, a plan supported by Opposition Leader Peter Dutton due to concerns about the feasibility of meeting them. Wickham argues that removing these targets would diminish the appeal of Australia to energy companies and major investors, potentially leading them to invest elsewhere.
“If Australia can’t deploy capital, other countries definitely will,” Wickham said, emphasizing that Acciona operates in multiple nations competing for investment. Offtake agreements, which provide revenue certainty for developers, are crucial for attracting this capital.
The Australian Energy Market Operator (AEMO) has stressed the need for urgent development of new renewable energy sources to avoid shortages, with coal power stations expected to close by 2037. Current policies, including the extension of coal power stations' lifespans, face criticism as many traditional generators near the end of their operational lives.
Wickham noted that while the policy shift has not yet affected investment decisions, multinationals like Acciona are closely monitoring the situation. The potential for abrupt policy changes raises concerns about the stability and attractiveness of the Australian market for foreign investors.
The federal government and state counterparts maintain that Australia is progressing towards its goal of having renewable energy account for over 80% of electricity generation by 2030. Despite slower progress, they assert that momentum is building.
Wickham also emphasized that the transition is not just about reducing emissions but also about creating significant economic opportunities in regional areas. For example, Acciona’s Macintyre development has provided substantial employment and economic benefits to surrounding communities.
