Now in its third year, the Australian edition of the World Energy Market Observatory (WEMO) reveals a country with a full agenda—and competing priorities.
Energy affordability and reliability of supply remain top of mind, as more than a dozen coal power stations are expected to shut down over the next three decades. Renewables, as well as new technologies such as smart energy management systems, energy harvesting tools and digital twin simulations, are primed to help cut costs while also improving reliability and sustainability.
Meanwhile, energy policy is still in catch-up mode, as regulatory structures evolve to support the need for change. Nevertheless, Australia has been making efforts to fulfill its Paris agreement commitments. Government agencies reports that Australia is on track to meet both their 2020 and 2030 targets. At the same time, global reviews suggest that long-term targets are at risk unless more aggressive policies are undertaken.
Thus, we see some parallels between Europe and Australia, as both regions struggle to convert ambition to action to impact.
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