Australia must invest AUD 3.56 trillion to decarbonize power sector by 2030, says BNEF
New modeling from BloombergNEF (BNEF) reveals that Australia needs to rapidly decarbonize its power sector to meet its 2050 net-zero goal, requiring an investment of AUD 3.56 trillion ($2.4 trillion) by 2030 and a 135% increase in renewable energy capacity to over 126 GW. BNEF’s New Energy Outlook report emphasizes the urgent need to transform Australia’s energy mix, phasing out all unabated coal and nearly all unabated gas generation by 2035. The country will need…