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Application of Economic Theories and Concept

   

Added on  2021-05-31

9 Pages1495 Words117 Views
Running Head: ECONOMICS FOR BUSINESSName: Shivam S PatelStudent ID: ZTA3019Campus: Homes Institute, MelbourneSubject: Economics for BusinessTopic: Australia’s stand on Renewable energy

ECONOMICS FOR BUSINESS1Table of ContentsIntroduction......................................................................................................................................2Brief overview of article..................................................................................................................2Application of economic theories and concept................................................................................3Recommendation.............................................................................................................................5Conclusion.......................................................................................................................................6Reference list...................................................................................................................................7

ECONOMICS FOR BUSINESS2Introduction In a world relying heavily on industrial and manufacturing sector, growing demand forenergy has become a major concern. The immense pressure on fossils fuels has a potential threatof stock exhaustion in near future along with large scale emission of green-house gases.Developed nations thus has taken the policy of shifting their energy sources to renewablesources. Australia in recent years has initiated a number of policy measures to develop powerplants run with renewable energy sources (arena.gov.au 2018). The most common means ofrenewable source is solar energy. The report aims to discuss the likely consequence of a rapidinvestment in solar energy in Australia.Brief overview of article Solar power has become the most popular means of renewable energy. Globally, thespending on solar energy exceeds spending on any other form of energy source. In Australia alsomore focus has been given on solar power over other renewable sources. The investment in solarplant in Australia has been skyrocketed. The investment has received significant boost in SouthAustralia as mentioned by Iain MacGill (abc.net.au 2018). Australia has claimed for having thelargest rooftop residential solar market globally. In this regard, Australia is leading most otherdeveloped nations by the considerable big margin. The most significant proportion of investmenthas made in South Australia. This implies efficiency of the state to integrate renewable solarpower into highly demand electricity market. However, according to Ken Baldwin, director ofANU’s Energy Charge Institute Australia has started it energy transformation mechanism from arelatively low base. Hence, complete transition of the nation to the renewable energy has stillsome way to go (environment.gov.au 2016). It will be interesting to watch whether Australia is

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