HI5003 Economics for Business: Renewable Energy in Australia Report

This report provides an economic analysis of Australia's stance on renewable energy, highlighting its employment opportunities, investment trends, and cost comparisons with other energy sources. It examines the renewable energy sector's growth in Queensland, government investments, and potential savings through solar rooftops. The report also addresses the importance of renewable energy for environmental balance and suggests recommendations for the government and industry to enhance the sector, including training programs, pollution reduction measures, and partnerships with universities. It concludes that while modifications are needed to minimize environmental harm and improve employment opportunities, the renewable energy sector holds significant potential for Australia's economy, with the government aiming for further development by 2030. Desklib provides a platform for students to access similar solved assignments and study resources.

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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Economic Analysis
It has been depicted from the articles and observations that the renewable energy sector has high
employment opportunities in Queensland. According to the data collected, it has been found that
the numbers of people engaged with this industry were about 6500 until the month of August. By
increasing the investments in this industry, the government is aiming at investing $5 billion in
pipelines. Development of 3200 new jobs opportunities is focused by the government with the
help of more renewable energy projects. This also includes the project which would focus on
generating 5000 MW clean energy. As per the reports, it is depicted that approximately $ 180 m
can be saved with the help of the systems of solar rooftops (RE new economy, 2017).
(Source: JoNova, 2018)
The above graph shows the electricity cost which is generated from the use of renewable, gas,
and coal. The electricity generated through different sources has different cost prices. It has been
seen that the cost of electricity generated through solar power resources is more in comparison to
other resources. There are almost 38 projects which are ongoing and appropriate planning is
done to start 40 new projects in the renewable energy industry (Australian Government, 2013).
The proportion of renewable energy towards the total consumption of energy at global level
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accounted for 19.2%. The contribution of renewable energy resources in the generation of the
electricity accounts to 23.7%.
(Source: Energy matters, 2015)
The above data and figures shown represent the employment opportunities available in Australia
in the renewable energy industry. The renewable energy industry is the most emerging and rapid
increasing industry of the country, as a result of which its contribution towards the economy of
the country is rapidly increasing during the past years. Increasing use of renewable resources in
the country has developed the need of hiring skilled employees having the potential to use the
renewable resources in an efficient manner and ensuring that no harm is done to the environment
and surroundings.
The government is focusing on the development of renewable energy industry as it has many
advantages for the households and energy consuming areas. Resources can be renewed on the
continuous level and made sure that energy is generated for meeting out different purposes and
needs of the country. As per the reports, it has been seen that the investments in the renewable
energy industry by the government has decreased to a great extent. For maintaining
environmental balance, it is necessary for the government to focus on the development of
renewable energy sector (Byrnes, et. al., 2013).
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Recommendations
There are several ways which can be adopted by the government to continuously grow and
develop the renewable energy sector. For enhancing this sector and increasing the developmental
opportunities, following are the recommendations and suggestions which can be followed:
 An effective initiative can be taken by the government and industry to start the programs
of renewable energy so that the individuals get appropriate training in this field and also
gain deep knowledge and information regarding the performing of the job in this field.
Creation of the awareness programs is important for making the individuals aware of the
working of this industry and understands the ways in which the available resources can
be efficiently used.
 Ways and measures can be taken by the government and the industry to eliminate the gas
emitting issues and concerns of polluting the environment. It can be ensured that
optimum utilization of the resources is possible without harming the environment.
 Better employment opportunities can be provided by the industry by signing a contract of
partnership with the country’s universities. People having the potential and capability to
grow and develop the renewable energy industry can be hired and provided with effective
training.
 The technologies used within the industry should be effective and should ensure no harm
to the environment.
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Conclusion
There are certain modifications which are required to be done in the industry for ensuring that no
harm is done to the environment due to the utilization of the renewable energy resources and
better employment opportunities can be provided to the individuals residing in Australia. The
government is continuously developing strategies and increasing its investments in the renewable
energy industry and is aiming at developing the entire sector by the year 2030. For all the
countries, renewable energy resources are important and 70% of the homes in Australia get their
electricity supply from the renewable energy resources. As Australia makes major use of the
renewable energy resources, the scope of the entire industry is wide and high employment
opportunities are available to the individuals.
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References
 Australian Government, 2013. Energy in Australia. Commonwealth of Australia. pp. 1-
110.
 Byrnes, L., Brown, C., Foster, J., & Wagner, L. D., 2013. Australian renewable energy
policy: Barriers and challenges. Elsevier. pp. 711-721.
 Energy matters, 2015. Employment in Renewable Energy In Australia Decreases.
[Online] Energy matters. Available at: https://www.energymatters.com.au/renewable-
news/australia-renewables-employment-em4773/. [Accessed: April 09, 2018]
 JoNova, 2018. Labor wants to waste $100b to make Australian energy 50% renewable,
more expensive, by 2030. [Online] JoNova. Available at:
http://joannenova.com.au/2015/07/labors-want-to-waste-100b-to-make-australian-energy-
50-renewable-more-expensive-by-2030/. [Accessed on: April 09, 2018].
 RE new economy, 2017. Is this the death of Australia’s renewable energy industry?.
[Online] RE new economy. Available at: http://reneweconomy.com.au/is-this-the-death-
of-australias-renewable-energy-industry-83477/. [Accessed: April 09, 2018].
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