Most of the people must have heard about the negative carbon footprint of the country’s electricity generation. They might also have pondered over whether there is a way to use a power that could be categorised as environmentally friendly.
Here it is encouraging to note that the current shift from fossil fuels to cleaner energy is gaining momentum.
Australia’s renewable energy industry has been growing fast and setting numerous records across the entire sector. The industry passed a significant milestone in 2020, with more than a quarter of the country’s total electricity generation coming from renewable sources for the first time. In 2019, 21% of Australia's total electricity generation was from renewable energy sources. The share of renewables in total electricity generation in 2019 was the highest since levels recorded in the early 1970s.
Australia has very good potential to become a global powerhouse of green hydrogen energy generation and accelerate the renewables market’s growth.
Hydrogen production is currently experiencing widespread political and business momentum, with the number of policies and projects around the world expanding rapidly. Global demand is forecasted to increase to 100 million tonnes by 2030 and exceed 500 million tonnes by 2050
A recent study by market analyst Fitch Solutions now claims that non-hydro renewable energy generation will make up close to a third (30%) of Australia’s total power mix by the end of the decade, driven by growth in green hydrogen production.
Australian Government is already trying to improve the competitiveness of renewable energy technologies Its purpose is a transition to cleaner energy in a manner where everyone has the same reliable and affordable access to energy.
Veye Pty Ltd(ABN 58 623 120 865), holds (AFSL No. 523157 ). All information provided by Veye Pty Ltd through its website, reports, and newsletters is general financial product advice only and should not be considered a personal recommendation to buy or sell any asset or security. Before acting on the advice, you should consider whether it’s appropriate to you, in light of your objectives, financial situation, or needs. You should look at the Product Disclosure Statement or other offer document associated with the security or product before making a decision on acquiring the security or product. You can refer to our Terms & Conditions and Financial Services Guide for more information. Any recommendation contained herein may not be suitable for all investors as it does not take into account your personal financial needs or investment objectives. Although Veye takes the utmost care to ensure accuracy of the content and that the information is gathered and processed from reliable resources, we strongly recommend that you seek professional advice from your financial advisor or stockbroker before making any investment decision based on any of our recommendations. All the information we share represents our views on the date of publishing as stocks are subject to real time changes and therefore may change without notice. Please remember that investments can go up and down and past performance is not necessarily indicative of future returns. We request our readers not to interpret our reports as direct recommendations. To the extent permitted by law, Veye Pty Ltd excludes all liability for any loss or damage arising from the use of this website and any information published (including any indirect or consequential loss, any data loss, or data corruption) (as mentioned on the website www.veye.com.au), and confirms that the employees and/or associates of Veye Pty Ltd do not hold positions in any of the financial products covered on the website on the date of publishing this report. Veye Pty Ltd hereby limits its liability, to the extent permitted by law to the resupply of services.