Australia's Stand on Renewable Energy: Economic Analysis and Recommendations

HI5003 Economics for Business
Individual Paper
Student Name: Ankush
Student Id: PCC2714
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Contents
Introduction......................................................................................................................................3
Economic Analysis..........................................................................................................................4
Recommendations............................................................................................................................6
Conclusion.......................................................................................................................................7
References........................................................................................................................................8
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Topic: Australia’s stand on Renewable Energy
Introduction
Renewable energy is the energy form which is generated through renewable resources. Sunlight,
wind, tides, rain, waves, geothermal heat are some of the examples of renewable resources which
helps in generating renewable energy. Renewable energy is used for generating energy in areas
such as transportation, electricity, cooling, and heating of air and water, energy services in rural
areas etc. Renewable energy resources exist in several geographical parts and areas. It is
important to safeguard the renewable resources by efficiently utilizing them as it enables in
maintaining a climatic balance, securing the available energy, and also helps in benefiting the
economic condition of the country. Huge money amounts are required for carrying out the
renewable energy projects on a large level. Technologies for renewable energy are required for
carrying out the projects in rural and remote areas as well as in developing countries.
From the selected article, data on Australia’s renewable energy is collected as well as discussed
on. Renewable energies industry has developed many employment opportunities for the people
residing in Australia. This industry is becoming the major income source and the government of
Australia is continuously focusing on the development of such opportunities. There are around
6500 people working in this industry and this data has been collected from surveys and through
other data collection methods. The scope of this industry is wide. The main issue is to safeguard
and efficiently utilize the renewable resources of the country. The use of renewable resources
also affects the environment to a great extent.
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