Australia currently has a target of 20 per cent of our electricity supply to come from renewable energy sources by 2020.
Beyond Zero Emissions, a climate change solutions research group, yesterday released details of its Zero Carbon Australia 2020 Project (ZCA2020). The Project is a costed, detailed blueprint for a transition to 100 per cent renewable energy in ten years using proven, commercialised technology.
Australia has the best solar resource of any developed country and considerable wind energy resources. Baseload solar power is now also a reality. While solar electricity was previously limited to when the sun was shining, solar thermal systems now operate 24 hours a day thanks to cheap energy storage methods utilising molten salt.
The group says that 60% of electricity supplied by a 100% renewable stationary energy sector could be provided by concentrating solar thermal with molten salt heat storage and 40% by wind power. Rooftop solar power systems could also produce electricity during sunny periods, and hydroelectricity and crop residual biomass would provide back-up energy when needed.
The ZCA2020 Stationary Energy Sector Report states AU$35-40 billion per year investment would be required over a 10 year period in order for Australia to transition to a 100% renewable stationary energy sector. The investment required for ZCA2020 implementation over the ten years would be 3-3.5% of GDP.
However, in addition to the savings generated by ending oil imports, other substantial offsets need to be considered that would otherwise be incurred under a business as usual scenario. These costs include annual coal, natural gas, fossil-fuel plant water, fossil-fuel plant replacement and other fossil-fuel plant operating and maintenance costs.
The full Zero Carbon Australia 2020 Stationary Energy Sector Report Executive Summary can be viewed here (PDF)
