As the world transitions to renewable energy, the Northern Territory’s abundance of sunshine means we have an exceptional opportunity to prosper in this new era.
By 2030, the NT Government could help drive investment in 10 gigawatts of renewables, creating over 8,000 new jobs and over $2 billion in revenue. An ambitious renewables strategy can spark a vibrant manufacturing sector in the Territory, with export opportunities in energy infrastructure, zero-carbon manufacturing and minerals processing.
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Remote communities can participate in and share in the revenues of renewable energy systems sited on their land. There will be opportunities for Aboriginal-owned enterprises to install and operate community energy systems or use renewable energy to power small-scale businesses.
Cheaper renewable energy can also reduce living costs for all Territorians. Home electricity bills could fall by a third by 2030 and electric vehicles could save households as much as 80% off transport fuel bills.
Downstream mineral processing, powered by renewable energy, can enable the Territory to extract more value from its mineral resources. By switching to renewable energy, the mining sector can become safer, healthier and more sustainable. By 2030, NT mines could be 100% electric, eliminating gas and diesel use.
The Northern Territory can become a major exporter of renewable energy. Annual exports of hydrogen, electricity and minerals processing could be worth over $2 billion per year by 2030.
How will we attract investment for the 10 Gigawatt Vision?
Just like the Ichthys project, and renewables projects around Australia such as the 15 gigawatts Asian Renewable Energy Hub, the 10 Gigawatt Vision will be paid for with private investment. The government’s role is to create the environment to stimulate this investment. Increasingly renewable energy projects are getting off the ground once they have signed a power purchase agreement with a major customer such as a manufacturer. This means policies to support the 10 Gigawatt Vision and policies to encourage energy-intensive projects will be mutually reinforcing.
The 10 Gigawatt Vision is a blueprint for repowering the NT with renewable energy and zero-carbon industries. Produced by the internationally recognised think tank Beyond Zero Emissions, in conjunction with The Environment Centre NT, this groundbreaking report demonstrates that a thriving, zero emissions society is achievable and affordable now, and that the Territory can become a renewable energy superpower.