A landmark report released last week put coal and gas on notice. For the first time, the International Energy Agency (IEA) declared reaching net-zero emissions by 2050 means no new investments in fossil fuel supply projects.
For Australia – a continent blessed with a bounty of wind and sun – the phasing out of coal and gas investment should be considered a boon. Australia is already deploying wind and solar energy ten times faster than the global average, and still has plenty of unmet renewables potential.
But of course, Australia’s path to a clean energy economy has not been perfectly smooth. A lack of federal leadership on climate policy and a historical dependence on fossil fuels means the IEA’s roadmap presents a big challenge for Australia.
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