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Home to half of the world’s population and contributing a third to the global GDP, the Asia Pacific region is expected to maintain a 50% share of global primary energy demand and a 60% share of global carbon emissions until 2050. This trend is unlikely to change without strong policy action and investment. However, the region still has the potential to turn these challenges into opportunities and become a global leader in the energy transition.
Australia needs an ambitious long-term Renewable Energy Target (RET) policy to unlock future investments, says Wood Mackenzie.
Wood Mackenzie’s latest report shows most markets in Asia Pacific can expect to see cheaper levelised cost of electricity (LCOE) for renewables compared to coal by 2030.
Using renewable energy to power liquefied natural gas (LNG) plants in Asia Pacific could reduce emissions by about 8%, says Wood Mackenzie.
Australia's general election is around the corner and Labor looks set for victory. Labor has announced its commitment to reduce Australia’s carbon emissions by 45% between 2005 and 2030, and to reach net-zero pollution by 2050. It has also proposed changes to existing mechanisms to lower energy and gas prices.
In a recent study, Wood Mackenzie forecasts Australia's East Coast gas prices to rise up to 30 percent to between A$10 and A$13 /per gigajoule by the mid 2020s.
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