According to University of Melbourne professor Michael Brear, Australia’s current net zero plan is a work in progress and lacks details on how to achieve the transition.
During a recent inquiry hearing, energy expert Michael Brear raised concerns about the funding sources for additional investments in renewable energy not being addressed in Australia’s net zero plan.
Professor Brear, who serves as the director of the Melbourne Energy Institute, highlighted the lack of crucial details in the country’s net zero plan.
He stated to a parliamentary committee, “The Commonwealth net zero plan is still a work in progress and has not outlined how it will address the need for hundreds to thousands of billions of additional investment.”
Additionally, Professor Brear pointed out that the plan fails to explain how Australia will identify the necessary technologies and innovations for the net zero transition.
He emphasized the importance of rigorous planning and implementation of an integrated energy system on a national scale to tackle the challenges of the energy transition in the upcoming decades.
Current Energy System Challenges
Professor Brear highlighted that Australia’s current energy system, shaped by competition reforms in the 1990s, is not compatible with the current developments in renewable energy.
He explained, “The existing institutional and governance arrangements were designed for a market system with slow and steady reform processes, which are not suitable for the rapid changes we are witnessing today.”
Furthermore, he noted that the original energy system designers did not anticipate the shift towards renewables and emissions reductions that are prominent today.
As a result, there have been increased interventions by state and federal governments in the energy market to address the shortcomings of the current system.
Professor Brear stressed the need for updating governance arrangements to align with the current realities of the energy system and regain trust in the energy settings.
