Australia’s New South Wales (NSW) state has made a statement on Monday on transitioning towards renewable energy from coal alongside attracting A$32 billion (RM95.9 billion) of private investment in the next 10 years.
With this ambitious plan, Australia aims at closing four of its five coal-fired power plants in the coming 15 years.
The switch to zero emissions energy sources would be able to generate over 10,000 jobs over the next ten years, through further emission reduction policies, alongside 12 gigawatts (GW) of wind and solar power, and 2 GW of online storage, according to state energy minister Matt Kean.
Further, a report titled Scaling up Climate Action has shown that Australia can limit warming to 1.5C with alignment to the Paris Agreement goal, which would create significant employment and soar up its 2030 target of current 26-28% to 60% of reduction in carbon emissions.
The growth of the green energy export industries and hydrogen export sector will cushion the Australian economy with fewer greenhouse emissions and stop the development of technologies like carbon rapture and storage.