Canberra: Australian Prime Minister Malcolm Turnbull on Monday overturned a decision by his predecessor to ban government investment in wind power.
Earlier this year, the former prime minister announced a controversial ban on wind farm investment, in what was labelled a war on clean energy in favor of dirtier forms of power such as coal, Xinhua news agency reported.
But on Monday, a cabinet spokesperson said a decision to allow the Clean Energy Finance Corporation (CEFC) the right to invest in wind power reflected the Turnbull government’s “strong support for renewable and innovation”.
“The mandate puts the CEFC’s focus on new and emerging renewable technologies, rather than supporting well-established technologies that are financially viable without government support,” the spokesperson said.
The news comes on the back of the widely successful climate talk in Paris, where Australian Environment Minister Greg Hunt and Foreign Minister Julie Bishop agreed to Australia becoming one of nearly 200 countries committed to ending the era of fossil fuels.
Last week, Turnbull also revealed his government’s commitment to encouraging innovation and small business, and according to a statement released on Monday, noting that clean energy such as the wind is crucial to the future of innovation in Australia.
Kane Thornton, chief executive of the Clean Energy Council, also praised the decision, telling The Guardian that Abbott’s “war on wind” was a step back, whereas the talks in Paris and Turnbull’s support for innovation was a giant leap forward for clean energy in Australia. (IANS)
Asia could grow its share of installed capacity for onshore wind energy from 230 Gigawatt (GW) in 2018 to over 2,600 GW by 2050, a new report by the International Renewable Energy Agency (IRENA) said on Monday.
By that time, the region would become a global leader in wind, accounting for more than 50 per cent of all onshore and over 60 per cent of all offshore wind capacity installed globally.
China would take the lead with 2,525 GW of installed onshore and offshore wind capacity by 2050 within Asia, followed by India (443 GW), Korea (78 GW) and South-East Asia (16 GW).
According to the “Future of Wind” published at China Wind Power in Beijing, global wind power could rise ten-fold reaching over 6,000 GW by 2050.
By mid-century, wind could cover one-third of global power needs and — combined with electrification — deliver a quarter of the energy-related carbon emission reductions needed to meet the Paris climate targets.
To reach this objective, onshore and offshore wind capacity will need to increase four-fold and ten-fold respectively every year compared to today.
“With renewables, it’s possible to achieve a climate-safe future,” said IRENA’s Director-General Francesco La Camera.
“Low-cost renewable energy technologies like wind power are readily-available today, representing the most effective and immediate solution for reducing carbon emissions.
“Our roadmap for a global energy transformation to 2050 shows that it is technically and economically feasible to ensure a climate-safe, sustainable energy future. Unlocking global wind energy potential will be particularly important. In fact, wind energy could be the largest single source of power generation by mid-century under this path. This would not only enable us to meet climate goals, but it would also boost economic growth and create jobs, thereby accelerating sustainable development,” added Camera.
The global wind industry could become a veritable job motor, employing over 3.7 million people by 2030 and more than six million people by 2050, IRENA’s report finds.
These figures are respectively nearly three times higher and five times higher than the slightly over one million jobs in 2018.
Sound industrial and labour policies that build upon and strengthen domestic supply chains can enable income and employment growth by leveraging existing economic activities in support of wind industry development.
But to accelerate the growth of global wind power over the coming decades, scaling up investments will be key.
On average, global annual investment in onshore wind must increase from today $67 billion to $211 billion in 2050.
For offshore wind, global average annual investments would need to increase from $19 billion to $100 billion in 2050.
Asia would account for more than 50 per cent of global onshore wind power installations by 2050, followed by North America (23 per cent) and Europe (10 per cent).