Why Renewable Energy?
With the International Energy Agency (IEA) anticipating a rise in world electricity demand by 70 per cent by 2040, the requirement for clean and inexhaustible sources of energy has arisen. The renewable energies neither produce greenhouse gases nor polluting emissions. Such energies are created using renewable sources like hydro, wind, solar, landfill gas, etc.
Renewable Energy in Australia
Australia is continuously making efforts to assess and increase the use of renewable energy in the generation of electricity, in the form of thermal energy and fuel in transport. Australia’s Renewable Energy Association, Clean Energy Council is committed to transforming Australia’s energy system to one that is cleaner and smarter.
The Clean Energy Council recently released a report ‘Clean Energy Australia Report 2019’ which mentioned that 2018 was a remarkable year for the Australian clean energy industry. The investment in large-scale renewable energy projects increased from $10 billion in 2017 to $20 billion in 2018. The electricity generated by the renewables reached its highest level in 2018 by rising to 21 per cent of total power generation. It was reported that more than 10 million Australian homes are now powered by clean energy. By December, around 2 million households had hosted rooftop solar. The Clean Energy Council has anticipated the large-scale Renewable Energy Target of 33,000-gigawatt hours (GWh) by 2020.
According to few energy analysts, Australia is on track to achieve 50 per cent of renewable electricity by 2030. The analysts expect Australia to drive about 13GW of new renewable energy capacity by 2030 and 6GW of renewable capacity by the end of 2020.
Let us have a look at some of the renewable energy stocks trading on the Australian Stock Exchange (ASX):
New Energy Solar : Established in November 2015, New Energy Solar (ASX: NEW) is engaged in acquiring large-scale solar power plants with long-term contracted…