Australia's Energy Future is Already Here - October 2024
Did you know that renewables already provide more than one-third of Australia’s electricity?
With the global energy transition well underway, Australia continues its progress towards a cleaner energy future as we leverage our vast solar and wind resources. Industries at home and across the globe are accelerating their investment in renewables, driven by the undeniable economic and environmental benefits, and capacity for rapid deployment.
Despite the many glaring advantages of renewables, the Liberal party, led by Peter Dutton, reckons that building seven un-costed nuclear power plants as part of an unspecified energy mix is the solution. For the party that claims to be the “economically responsible” one, all we have so far is a headline policy with zero detail.
And the Australian energy industry is not playing along, because not only is nuclear too slow and expensive, it’s also difficult to find any credible experts who are willing to back this as a sensible plan!
Australian voters deserve to know how much Dutton’s ‘nuclear plan’ will cost them. The CSIRO’s latest GenCost Report shows the cost of energy from large-scale nuclear plants is 1.5 to 2.5 x more than firmed renewables. Small Modular Reactors are even more expensive and not yet commercially proven technology.
Waiting, waiting
The best estimates show that 15 years would be an optimistic timeframe to build nuclear in Australia.
We would need to change the laws, design the technology, assess and permit the environmental, safety and security impacts, build a workforce, source fuel and water and undertake construction.
Missed emissions targets and higher power bills
The next 20 years is a crucial time if we want to limit warming. Whether we try to extend the life of our dying coal-fired power stations or use more gas, we'll miss our emissions reduction targets and be using more expensive energy sources that will drive power bills up.
We don’t have decades to wait. Our energy future is already here.
Nuclear power plants will take too long to complete, involve massive cost, deliver inflexible 'baseload power' incompatible with our evolving grids, and bring a legacy of hazardous waste that must be managed for generations.
Renewables are the future - cheaper, cleaner and already well underway. Continued investment will ensure that Australia stays competitive.
