The NT has a new way forward to economic and environmental prosperity – and it comes in the form of renewable energy. The NT is one of the sunniest places on earth, and as such, has the capacity to reap huge economic and environmental benefits from renewable energy.
The NT is even attracting interest in becoming a world leader in clean energy generation and export. Australian billionaire Mike Cannon-Brookes investment arm is interested in tapping into the NT’s abundant sunshine and proximity to key Asian markets to discover new renewable energy opportunities. Investment Manager at the tech billionaire’s Grok Ventures, Jeremy Kwong-Law, hopes to see the NT shipping electrons at a serious scale within five years. In doing so, the NT has the capacity to unlock $2 billion a year by switching its focus from shale gas to renewable energy.
Research by Beyond Zero Emissions found that along with creating more than $2 billion annually, the sector could create over 8,000 new jobs by pursuing a target of 10 gigawatts of renewable energy by 2030.
The road to renewable energy prosperity will be a challenging one as with any form of change. Yet it will be a dramatically successful one that doesn’t rely on extracting gas and performing harmful acts to the environment. The NT is already suffering from the effects of climate change and the burning of coal, oil and gas. Renewable Energy gives the NT a strong and stable foundation upon which to build its future economic stability and prosperity.
The NT Government has committed to 50% renewable energy by 2030 for electricity supplied to Territory households and businesses. Let’s hope to see further research into the NT renewable energy capacity and the design of effective implementation and design strategies to help move the NT away from fossil fuels and towards being Australia’s leader in renewable energy production.