NAB welcomes Government scheme to accelerate Australia’s shift towards renewable energy

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Below is a statement in response to the Federal Government’s plan to drive investment in renewables.

The following statement can be attributed to NAB’s Chief Climate Officer, Jacqueline Fox.

“NAB is supportive of policy that seeks to deliver a long-term, reliable and affordable, low-emissions energy system for our country.

“At a time when investment in renewables has been decreasing, the Government’s expanded Capacity Investment Scheme to 9GW, and plan for 23GW renewable energy auctions, will be critical to boosting the deployment of wind, solar and storage capacity across Australia and meeting the 82% renewable energy target by 2030.

“By providing certainty for renewables investors and facilitating coordination between federal and state governments, this approach is an example of the important role government plays in unlocking the significant investment needed to transition to a net-zero economy. The approach is also designed to shield consumers from price volatility as our energy system transitions, a welcome factor as we continue to feel the impacts of the higher cost of living in Australia.

“Going beyond Australia’s domestic need for affordable, reliable renewable energy, this investment shift in our renewables sector will progress Australia’s ambition to be a ‘renewable energy superpower’.

“As NAB’s recently commissioned report All Systems Go: Powering Ahead found, Australia’s natural advantages in solar, wind and critical minerals could add up to $435 billion to the national economy by 2050. This future economic growth depends on Australia not only reaching net-zero, but securing new export opportunities to replace emissions-intensive activity as the world decarbonises.

“Our good fortune in having an abundance of the key elements for renewables – sun, wind and land – puts us in a strong starting position, but the investment, and public and private coordination required is at an unprecedented scale. Therefore, the expansion of the Capacity Investment Scheme is an important first step in securing more Australian renewable energy and storage capacity.”

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