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23 August 2010
SRI-Adviser: Plan Seeks 100% Renewable Energy in Australia in Ten Years
Source:
www.sri-adviser.com
by Robert Kropp
Report from Beyond Zero Emissions asserts that Australia's energy needs can be fully met by renewable sources within ten years with technologies that are already available.
The tipping point for climate change, after which many of its most destructive effects will become irreversible, strongly suggests that atmospheric CO2 must be reduced from its current level of 390 ppm to "well below 350 ppm‚ significantly closer to pre-industrial concentrations of 285 ppm," according to a recent report by Beyond Zero Emissions, an Australian nonprofit organization.
To achieve such reductions, however, it will be necessary for the US to reduce its greenhouse gas (GHG) emissions to zero within ten years. Because "Australia has about the same per-capita emissions as the USA," according to the report, it too would have to pursue the same goal.
The report, entitled Zero Carbon Australia Stationary Energy Plan, "outlines a technically feasible and economically attractive way for Australia to transition to 100% renewable energy within ten years." The plan specifies that the 100% renewable grid be "based on proven technologies that are already commercially available and that have already been demonstrated in large industries."
In addition to assuming a significant reduction in energy consumption by means of implementing efficiency measures, the plan asserts that 98% of Australia's energy needs can be met by wind generation and large-scale Concentrating Solar Thermal with molten salt storage. According to the plan, wind turbines will meet 40% of demand, and solar will provide the remaining 60%.
In addition to reducing Australia's GHG emissions to zero, the plan will create up to 80,000 jobs from renewable energy installations, and an additional 45,000 jobs in operations and maintenance. According to the report, the transition to renewable energy will create many more jobs "than are lost with the phasing out of coal and gas from the stationary energy supply chain."
The total cost of implementing the plan would be $370 billion, or three percent of Australia's Gross Domestic Product (GDP). The plan is characterized by higher upfront investment, but lower ongoing costs than continuing reliance on the stationary energy sector.
The plan does not specify funding mechanisms; however, a letter published last December by the United Nations' Principles for Responsible Investment (PRI) addressed "the important role that capital markets, institutional investors and private finance, will play if the global community is to deliver the needed transformation to a low–carbon and resource-efficient global economy."
News
7 December 2009
SRI-Adviser: Treaty Conference on Climate Change Opens in Copenhagen
3 December 2009
SocialFunds: Investment Consultants Believe that ESG Considerations by Investors Are Here to Stay
2 December 2009
SocialFunds: Thomson Reuters Acquires ASSET4, a Major Provider of ESG Investment Research
1 December 2009
Responsible-Investor: Thomson Reuters to look at UN PRI
30 November 2009
Responsible-Investor: Thomson Reuters buys ASSET4
26 November 2009
SRI-Adviser: Report Maps the Attitudes and Influence of Stakeholders on Corporate Social Responsibility
24 November 2009
SRI-Adviser: Corporations Are Advised to Improve Human Rights Reporting
23 November 2009
SocialFunds: Corporations are Failing to Recognize Adaptation in Their Climate Change Strategy
20 November 2009
SRI-Adviser: Analysis of Waxman-Markey Finds that All U.S. States Will Benefit from Strong National Carbon Policies
19 November 2009
SocialFunds: Carbon Disclosure Project Launches CDP Water Disclosure Initiative
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Sustainable Investment Research Platform
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