Bloomberg NEF's Michael Liebreich has been in town this week, generating some local press coverage for renewable energy - Seven energy charts that will cheer and frighten about Australia and the world.
Australia has unmatched renewable energy resources but will meet its climate targets only by intervening to accelerate the retirement of coal-fired power plants, according to Michael Liebreich, founder of global advisory service, Bloomberg New Energy Finance. Mr Liebreich said the Turnbull government should avoid setting renewable energy targets and instead focus on devising market-based methods to phase out coal. It should also avoid "perverse" subsidies, such as the speculated $1 billion loan being considered for Adani's proposed mega-coal mine in Queensland, he said. ..
Mr Liebreich told a Sydney audience advances in renewable energy technologies were rapid, with solar photovoltaic prices falling by almost a quarter for each doubling of production. For wind, costs sank 19 per cent with each doubling of turbine output. Breakthroughs come regularly, with the University of NSW last week revealing it had achieved record efficiency rates for its perovskite solar cells, with prospects of more to come.