Recently, IHS Markit listed Australia as “one of the countries that is most suitable for renewable energy investment”.
• The 2019 bushfires were the wake-up call for the Australian government and investors towards climate change. Simultaneously, it has been vigilantly established that renewable energy is imperative to reduce toxic emissions and maintain sustainability.
• The Renewable 2020 Global Status Report highlighted that Australia has been observing significant progress in renewable energy resources. In 2020 itself, renewables were responsible for Australia’s 27% of total electricity generation.
• Due to the rise in the shift to renewables and the need for sustainable development, following Australian leaders have commented that the renewable industry is going to generate new employment opportunities for diverse occupations over the years.
• In the International climate action summit, Prime Minister Scott Morrison emphasised that net-zero emissions would be achieved only by “animal spirits” of the market and “pioneering entrepreneurialism” of industrialists and farmers.
• Adding to that, Labour Party Leader AnthonAy Albanese said that renewable industry has a “huge potential” to create thousands of secure and well-paid jobs.
• To do the needful, Shadow Minister Chris Bowen warned that a million Australians would lose their jobs if the detrimental effects on the environment are not treated.
• Some developments in Australia’s renewable industry
• Last year, a City of Sydney News report revealed that all operations in Sydney- right from streetlights to the historic Sydney Town Hall, now run on 100% renewable electricity from locally sourced clean energy.