{"id":81836,"date":"2024-04-11T06:13:24","date_gmt":"2024-04-11T06:13:24","guid":{"rendered":"https:\/\/globalroadtechnology.com\/\/?p=81836"},"modified":"2024-04-11T06:16:13","modified_gmt":"2024-04-11T06:16:13","slug":"can-australia-become-a-renewable-energy-superpower","status":"publish","type":"post","link":"https:\/\/globalroadtechnology.com\/can-australia-become-a-renewable-energy-superpower\/","title":{"rendered":"Can Australia Become a Renewable Energy Superpower?"},"content":{"rendered":"

Australia\u2019s potential for renewable energy generation remains the envy of many nations around the world.<\/span><\/p>\n

Blessed with an abundance of elements required for clean power, Australia has a wealth of solar, wind, tidal, and even geothermal resources.\u00a0\u00a0<\/span><\/p>\n

Beneath the surface, we also possess one of the world’s largest reserves of critical minerals used to create clean energy technology.<\/span><\/p>\n

Australia also has the largest known reserves of zinc, nickel and tantalum alongside the <\/span>second largest stocks of lithium and cobalt and prolific rare earth minerals.<\/span><\/p>\n

However, perhaps most importantly, it remains a great place to invest money in energy and mining projects.<\/span><\/p>\n

With a long and successful history in both sectors, the island nation is seen with a rosy glow by investors as a safe and profitable place to do business.\u00a0<\/span><\/p>\n

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Australia is #1 in the world for installed solar capacity per capita<\/span><\/h2>\n

The Government has clarified its vision around net zero, further supporting investment.<\/span><\/p>\n

Australia will reduce its greenhouse gas emissions by 43% from 2005 levels by 2023, with a net zero target by 2050.\u00a0<\/span><\/p>\n

The country is taking a comprehensive approach involving the entire government with an aim to achieve these targets. This includes the introduction of new funding streams and investments in supporting infrastructure.<\/span><\/p>\n

These factors combined will go a long way to paving Australia\u2019s path towards renewable energy superstardom; however, there are other considerations, too.<\/span><\/p>\n

For example, Hydrogen has become a significant talking point and focus. What if hydrogen turns out to be more like \u2018hopium\u2019, as it’s been called?<\/span><\/p>\n

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Busting the Hydrogen \u2018Hopium\u2019<\/span><\/h2>\n

Hydrogen will play a part in the energy transition, but sometimes fact and fiction can overlap.\u00a0\u00a0\u00a0<\/span><\/p>\n

While Hydrogen is the most common element in the universe, most hydrogen available to us is also tightly bound to other substances, whether fossil fuels or water.\u00a0\u00a0<\/span><\/p>\n

It can take a lot of energy to break those bonds and free up H2.\u00a0\u00a0<\/span><\/p>\n

Storing and transporting H2 also involves significant product losses.\u00a0\u00a0<\/span><\/p>\n

At 75% of the universe by mass, hydrogen is everywhere. It holds great potential, but producing hydrogen requires a LOT of energy, and there may be better solutions for achieving net-zero emissions.<\/span><\/p>\n

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Hydrogen may be the prime candidate when it comes to creating green steel, however<\/span><\/h2>\n

Despite the hype, hydrogen is a powerful tool for green steelmaking, helping to clean up one of the planet’s highest-emitting industries.\u00a0\u00a0\u00a0<\/span><\/p>\n

Mining majors and steelmakers worldwide are now moving to adjust their operations toward hydrogen-fueled green steel and away from natural gas or coal.\u00a0\u00a0<\/span><\/p>\n

While this is a great news story for decarbonisation, there are still issues to overcome before decarbonising global steelmaking is commercially viable.\u00a0\u00a0<\/span><\/p>\n

For example, the DRI ore pellets used as ‘feed’ for the green steel process must be of a certain quality.\u00a0\u00a0<\/span><\/p>\n

They currently require a minimum of ~67% iron, high-purity ore, to be economically viable in downstream processing.\u00a0\u00a0<\/span><\/p>\n

Obtaining ore of this quality requires a concentration step, which adds cost, consumes energy, and typically uses a lot of water.\u00a0\u00a0<\/span><\/p>\n

Then there is the hydrogen, of which 50kg to 70kg is required for each tonne of ore compared to ~0.8 tonnes of coking coal.<\/span><\/p>\n

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Back to Basics: Wind and Solar Power\u00a0<\/span><\/h2>\n

In 2021, Australia\u2019s renewable energy output increased by 10%, primarily due to the new installation of wind and solar plants.<\/span><\/p>\n

Wind and solar easily eclipse other, more \u2018prestigious\u2019 renewable energy sources in terms of bang-for-buck and efficiency, too.\u00a0<\/span><\/p>\n

Australia has the highest household solar adoption rate in the world, with more than 3 million homes currently using rooftop solar panels.\u00a0<\/span><\/p>\n

Solar energy currently accounts for 12% of the energy supplied to the national electricity market, making Australia the 7th largest producer of solar energy in the world.<\/span><\/p>\n

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When it comes to wind, the scene is equally as impressive.<\/span><\/h2>\n

Wind power accounted for over 11% of electricity in Australia’s national market in 2021, with 21 large-scale wind projects currently under construction.<\/span><\/p>\n

When you add in ever-improving battery storage technology, wind and solar power can extend into times when the \u2018sun don’t shine\u2019 and the \u2018wind don’t blow\u2019.<\/span><\/p>\n

In a major milestone, during periods throughout the year, solar and wind now combine to generate more than enough electricity to power all Australian households, plus about 10 million more.<\/span><\/p>\n

That\u2019s not to say that coal isn’t still central to our energy generation\u2014it is\u2014but the trajectory for renewable energy is heading in one direction.\u00a0<\/span><\/p>\n

While the above figure is striking, domestic industries consume the lion’s share of electricity in Australia.\u00a0\u00a0<\/span><\/p>\n

Combined, Australia’s four aluminium smelters use over <\/span>10%<\/b> of the electricity from the National Electricity Market, the country’s primary grid.\u00a0<\/span><\/p>\n

To combat carbon emissions, it is imperative that the energy transition extends into all areas of Australia.\u00a0<\/span><\/p>\n

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The Role of Critical Minerals and Summary<\/span><\/h2>\n

Every day, it seems that another critical minerals startup appears in Australia.<\/span><\/p>\n

Many countries wish for this luxury, but it is simply another aspect of Australia\u2019s incredible mineral wealth.<\/span><\/p>\n

Australia\u2019s advanced resources industry is also at the forefront of the economy’s decarbonisation effort, helping us convert natural endowments, including critical minerals, into renewable energy success.<\/span><\/p>\n

With a renewed focus on downstream processing rather than raw material exports, Australia can harness further opportunities while adding value to its products.<\/span><\/p>\n

The critical minerals mining and processing industries are also bolstered by the government’s commitment to and support of a clean energy future.<\/span><\/p>\n

With an investment of $24.9 billion over the decade, policymakers are prioritising climate change and energy transformation issues, including:<\/span><\/p>\n