Australia's energy transition plan still needed as coal exports decline

The submission emphasised accelerating investments in renewables to create jobs.

Australia still needs to urgently prepare a multi-decade plan for the transition to renewables to open job opportunities for regional and remote communities reliant on the thermal coal export industry, the Institute for Energy Economics and Financial Analysis (IEEFA) said in a report to the Australian government.

The submission especially urged to accelerate the investments in renewables and battery storage, hydrogen, lithium and rare earths in order to create regional jobs and grow industry hubs.

“This will affect regional and remote communities whether policy makers prepare or not… An unplanned, chaotic transition will have far more serious impacts on Australia than one that has been well prepared for,” IEEFA director of energy finance studies Tim Buckley wrote.

IEEFA notes recent technological advances have allowed renewables and storage to be two of Australia’s fastest growing industries, and is expected to create demand for lithium and cobalt which the country has in abundance.

“Re-establishing low cost energy supply domestically in turn can help rebuild the international competitiveness of Australia’s manufacturing industry, badly eroded by the trebling of domestic electricity and gas prices over the last decade,” Buckley said.