Tidal Wave of Renewables and Batteries Puts 2030 Target Within Reach

Australia is on track to achieve its target of 82% renewables by 2030 thanks to a record year of solar, wind, and large-scale battery deployments, according to a new Climate Energy Finance (CEF) report. The report highlights 2024 as a pivotal year, with 7.2–7.5 GW of new solar and wind expected, nearly half from rooftop solar alone.

The booming battery sector also plays a critical role, with 4.9 GW / 13 GWh of big battery storage breaking ground, ensuring grid stability as renewable penetration rises. Combined, these developments are projected to push renewables’ share to 45% by 2025 while putting sustained downward pressure on electricity prices.

CEF Director Tim Buckley emphasizes Australia’s position in the global renewable surge despite inflationary pressures. Key drivers include:

• Rooftop Solar and Behind-the-Meter Batteries: Consumer energy resources (CER) are leading the shift.

• Big Batteries: Large-scale energy storage ensures firming of variable renewables.

• Electrification: Increased adoption of electric vehicles and demand response further accelerates decarbonization.

However, Buckley warns of the “clear and present threat” of energy policy chaos, particularly with pre-election debates over nuclear energy.

The report urges decisive action to maintain momentum, particularly:

1. NSW and Queensland: Accelerating efforts to replace retiring coal plants like Eraring.

2. Federal Government: Setting a 2035 emissions reduction target of 75%, scaling up the Capacity Investment Scheme from 6GW to 10GW, and ensuring clarity on coal plant retirements.

3. Nuclear Energy: Rejecting nuclear proposals without credible economic studies and reaffirming state bans to avoid investor uncertainty.

Buckley cites the recent GenCost 2024-25 report, which confirms that solar and wind with firming and transmission remain the lowest-cost new generation options, while nuclear alternatives cost twice as much.

“Now is the time for us to double down, build on our momentum, and deliver an 82% renewables-powered Australia by 2030, to the benefit of all Australians,” Buckley concludes.

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