Leading energy chief executives argue a coal safety net to smooth the exit away from fossil fuel generation will keep the supply of power reliable.
Already a subscriber?Leading energy chief executives argue a coal safety net to smooth the exit away from fossil fuel generation will keep the supply of power reliable and affordable, as 2030 climate targets are frustrated by the insufficient pace of new sources of renewables and transmission.
“It relied on pace of investment and pace of permitting approvals, and I think on both fronts, we’re not yet at that pace as a nation,” Mr Collette toldAided by the capacity investment scheme, “there’s a lot of promise to accelerate what the rate of progress for renewables, but it hasn’t yet happened, and every day counts”.
He said that while the 2030 targets – including 43 per cent emissions reductions from 2005 – were maybe “appropriate to set the ambition”, there remained an uphill task to get the transmission in place to facilitate that. “The magnitude is significant, and you’ve got to bring local communities along when you invest... and that’s, I think, being highlighted. Everyone’s got a lot of goodwill, trying to actually make it all happen, it’s obviously a very large challenge.”The expansion of clean energy and storage capacity is not just a question of meeting 2030 targets, however, with AEMO forecasting an accelerating closure of coal power plants. Coal power still accounts for almost 60 per cent of generation in the NEM.
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