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Renewable Energy in Australia: Implications on Economy

   

Added on  2023-06-14

12 Pages1711 Words477 Views
Running head: ECONOMICS ASSIGNMENT
Economics Assignment
Name of the university
Name of the student
Author Note

1ECONOMICS ASSIGNMENT
Executive summary:
Using of renewable energy is going to be an important issue at present as it has various
positive aspects to help an economy. This report has intended to find out the present scenario
of renewable energy in Australia and its implications on the country’s economy. After
discussion it with some economic concepts, the report has provided some recommendations
to develop this sector further.

2ECONOMICS ASSIGNMENT
Table of Contents
Introduction:...............................................................................................................................3
Article review:............................................................................................................................3
Economic analysis:.....................................................................................................................4
Recommendations:.....................................................................................................................6
Conclusion:................................................................................................................................7
References:.................................................................................................................................8

3ECONOMICS ASSIGNMENT
Introduction:
The renewable energy sector of Australia is chiefly consisted with hydro energy along
with wind and solar photovoltaic and solar thermal one. The specified country can also utilize
other renewable sources, for instance, bio-energy, wage power and geothermal energy, which
in turn can help Australia to meet its emerging demand of this concerned sector within the
country. Hence, this report has intended to analyze the present stand of Australia’s renewable
energy along with its implications on environment (Manasseh, McInnes and Hemer 2017).
This topic is important for the environmental policy makers along with producers of those
renewable energies as they can supply the output according to requirement along with
affective policies that can encourage the production of this output. By discussing the stand of
this sector, the report can provide some recommendations that can further encourage the
sector to produce more.
Article review:
Through this renewable energy sector, the concerned country has produced enough
electricity to run almost 70% homes in the last 2015-16 financial year. Moreover, according
to the Australian Renewable Energy Index, after the completion of wind and solar projects,
the country can produce sufficient amount of energy to run almost 90% households after
2016-17 (Vieira, Stewart, Lamberts and Beal 2018). Hence, based on sector analysis, the
index has predicted that the renewable energy, through its rapid expansion, can capture the
Australian electricity markets, which are dominated chiefly by gas-fire and carbon-emitting
coal. Hence, this phenomenon has helped Australia to reduce pollution level by cutting down
its thermal electricity production. The advance production of renewable energy can be
supported by statistical data, for instance, the country has produced 7% output of total
national electricity in 2015-16 while in middle of 2016-17 it has become 18.8%. Australia’s

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