Australia has seen significant growth in investment in renewable energy, particularly in biomass-based electricity generation. This trend is driven by the global shift to sustainable energy sources and Australia’s commitment to reducing carbon emissions.
Growing investment in renewable energy
In 2024, Australia reached a six-year peak in investment in large-scale wind and solar power plants, with commitments totaling $9 billion, adding 4.3 gigawatts (GW) of new renewable capacity. This surge reflects strong support for federal and state policies aiming for 82% of energy generation to come from renewable sources by 2030.
Biomass electricity generation in Australia
Biomass energy, derived from organic materials, plays a crucial role in Australia’s renewable energy landscape. It offers a sustainable alternative to fossil fuels, contributing to energy diversity and reducing carbon emissions.
Economic Impact
The cost of renewable energy in Australia is becoming increasingly competitive. According to recent reports, solar and wind energy prices range from $80 to $112 per megawatt-hour (MWh), which is lower than traditional electricity generated from coal or natural gas.
Notable Projects and Companies
Several important projects and companies are contributing to the growth of biomass and renewable energy in Australia:
Amp Energy: This Toronto-based company plans to invest more than $1.5 billion to create a Renewable Energy Hub in South Australia, combining large-scale solar, wind and battery storage.
Pollination: An Australian clean energy investment company is partnering with traditional landowners in Western Australia to build a 900MW solar farm. The project aims to support the green production of hydrogen and ammonia, one of Australia’s largest solar initiatives.
Industry stakeholders’ views
Industry experts and stakeholders have expressed optimism about Australia’s renewable energy trajectory:
Kane Thornton, CEO of the Clean Energy Council, said recent investment figures were in line with the targets needed to achieve 82% renewable energy by 2030, reflecting strong political support from the federal and state governments.
Ivor Frischknecht, former CEO of the Australian Renewable Energy Agency (ARENA), noted that the cost of solar and wind power in Australia is now lower than electricity generated from coal or natural gas, highlighting the economic viability of renewables.
Future prospects
With continued investment and support, Australia’s biomass power sector is poised for significant growth. The integration of innovative projects and the decline in the cost of renewable technologies is expected to further contribute to the country’s transition to sustainable energy.
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