Australia’s renewable energy attracts foreign investors

Australia’s renewable energy attracts foreign investors

AUSTRALIAN Prime Minister Anthony Albanese shared his ambition for the country to be a future ‘renewable energy superpower’ as foreign investors see the potential behind this transition.

Albanese outlined his government’s plans to promote and accelerate Australia’s transition towards renewable energy, along with plans to make it a future superpower in the said industry.

“My government’s vision is for Australia to be a renewable energy superpower, which will in turn help us to become an advanced manufacturing powerhouse,” Anthony Albanese, Prime Minister of Australia, said.

According to the prime minister, the global shift towards clean energy is the country’s most significant opportunity for growth and prosperity.

Albanese also emphasized that solar energy will attract more capital than global oil production for the first time.

Meanwhile, the sale of electric cars in Australia soared by 121% in the first half of the year compared to the same period in 2022, while the demand for electric vehicle battery materials will likely grow five-fold at the end of the decade.

Moreover, stakeholders who attended the Australian Renewable Industry Summit in Canberra on Monday asked the Albanese government to allocate $100-B over the next ten years to boost jobs and reduce carbon emissions.

An annual report published recently by the Commonwealth Scientific and Industrial Research Organization (CSIRO) and the Australian Energy Market Operator (AEMO) showed that renewable energy sources remain the cheapest, most reliable energy system and most cost-effective option for meeting Australia’s electricity needs.

Australia has pledged to an 82% national renewable electricity target by 2030 and to reduce greenhouse gas emissions by 205 million tons in the same year.

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