energy transition
powering success for tomorrow
The industry
The Australian Energy Sector is a critical component of the nation’s economy and infrastructure, encompassing a diverse range of activities from resource extraction to power generation and distribution.
Australia’s energy efficiency has seen significant improvements over the past decade. For each petajoule of energy used, Australia generated $409 million in GDP in 2022-23, an $88 million increase from ten years prior.
To put this progress into perspective, the country’s economy now requires 22% less energy to produce the same dollar value of output compared to a decade ago.
Key trends shaping the future of the Australian energy sector include:
1
Transition to Renewable Energy
Australia’s electricity generation from renewable sources reached a record 35% in 2023, with solar and wind power leading the growth. This trend is expected to accelerate as the country pursues its net-zero emissions targets.
2
Energy Storage and Grid Modernisation
As the share of variable renewable energy increases, there’s a growing focus on energy storage solutions and modernising the grid to ensure reliability and stability.
3
Decarbonisation and Net Zero Commitments
The Australian Government’s Net Zero in Government Operations Strategy, released in November 2023, sets the target for net zero greenhouse gas emissions from Government operations by 2030. This commitment is driving innovation and investment across the energy sector.
4
Hydrogen Economy Development
Australia is positioning itself as a potential global leader in green hydrogen production and export, leveraging its abundant renewable resources.
5
Digital Transformation
The adoption of smart grid technologies, AI, and data analytics is revolutionising energy management, enabling more efficient operations and personalised consumer services.
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