With electricity bills soaring, a national Renewable Electricity Storage Target may be one way of achieving lower emissions – and lower prices
The Albanese government should redirect some of the $20bn earmarked for its Rewiring the Nation plan to support a storage goal that would turbocharge the take-up of batteries and other methods to store power, according to a Victoria Energy Policy Centre report.
The paper, released on Tuesday by the independent group, said the market alone was unlikely to achieve either the bipartisan-supported net zero emissions goal by 2050 nor Labor’s pledge to lift Australia’s current 2030 emissions reduction goal by almost two-thirds. The former would require a 20-fold increase from existing storage levels.