00:00policy does play a big role in renewable investments all around the world and in Australia
00:07as well and that's based on government's commitments to recognise we've got to address
00:13climate change and reduce emissions across the economy but also investors see the opportunity
00:19and the global trends that consumers also recognise this need and technology such as renewables can
00:25do the job of providing stable lower cost energy and address those needs so it's a combination
00:33of investor sense of opportunity and long-term trends and a key role of policy in redirecting
00:39economies to to meet those global goals okay so taking into account the convincing labor victory
00:46over the weekend what can be expected with that investment in large-scale projects over the coming
00:51years we expect continuing increased investment in renewables large-scale and small-scale as well
01:00so Australia of course is one of the sunniest and windiest planets countries on the planet and has
01:06huge opportunity but it's not the only country investing big in renewables here in Singapore
01:12there are the biggest investors in the world are coming together to increase their investments in
01:19clean energy all around this region and at home we know that a lot of policies have been put in place
01:25in Australia and new ones including the future made in Australia policy for example which recognises
01:31that switching to renewables is not just about the electricity we've got now and replacing the
01:37ageing coal-fired power stations but also building the grid for the future and that's when the entire
01:42economy serves a net zero global economy so our mining and manufacturing sectors are also powered with
01:48renewables and so is the transport sector and so that will mean increasing investment in renewable energy
01:54for many decades to come and particularly um an urgent increase in the next five years to meet those
02:00retirement deadlines in the coal-fired power stations in in Australia in key regions and what about down to
02:06the individual resident level what's likely to happen with the take-up of solar and batteries
02:11well we know there's already huge take-up for solar in Australia and that will continue because the
02:18economic conditions are there and so is the opportunity but also there's new policies now a
02:23big new policy with the new government for battery uptake and household renewable electricity includes
02:30switching the transport use to electric vehicles and powering those with renewables and also upgrading the
02:37performance of energy inside the home so you can have solar on the roof and batteries to help store
02:42it but you don't want that energy leaking out the windows and walls and you want to use the energy when
02:47it's there so smart appliances hot water and heating can be set to use the electricity when it's available
02:54and stored when it's not and so we expect we'll see continued investment also in more sophisticated
02:59software to help us make the most of that so it sounds like from what you're saying there is kind of a bit of an
03:05unstoppable surge towards renewables anyway anyway but to what extent has the the labor victory on the
03:12weekend meant that there will be extra investment in renewables over the coming three to six years
03:23we do expect to see extra that's not just because uh part of the government's re-election policy
03:28included some new investment particularly for household battery scale but also because there is continued
03:34effort at state government level and in industry and industries is continuously improving the
03:39performance of these technologies we know long-term battery storage for example is key to helping meet
03:44those coal fire power station breakdowns that get ahead of that and be ready when they retire and the
03:49technology is doubling every few years it used to be that two hours was a good size for a really grid
03:55scale battery now four hours is being financed and already eight hours is being discussed by industry so there
04:01is increasing interest and we would expect industry to invest further now recognizing that there's been
04:07a a public vote to support continued direction of the current government's policies for increased
04:15renewables and achieving those net zero goals so what's the likelihood now that australia will get to
04:20the labor target of 82 percent of electricity coming from solar wind and hydro by 2030 well australia's almost at 50
04:28percent renewables already and we know it's absolutely achieve achievable to reach 80 and more remembering
04:35a net zero economy goes well beyond 80 and into the early 2030s we would see not just the existing
04:42electricity system be almost fully renewable powered with storage from batteries and firmed by a little
04:48bit of gas but also our mining and manufacturing sectors starting to move to renewables as well so we're
04:54already seeing really large-scale industries such as aluminium and chemicals production writing enormous
05:00contracts with large-scale solar and wind farms to power their operations that's what we'll see a lot
05:06more of in the 2030s and and for the rest of the 2020s we'll see continued increase in replacing the coal
05:13that's already in the system with renewables onshore and then we'll see an increased move to offshore so
05:18these uh increased uh increased renewable trends will continue to um we'll see continued growth in that
05:24and what's it like for you to be at that conference in singapore now what's the vibe you're getting
05:28about the global push towards renewable newables are taking into account what's happened in the us
05:36really the the vibe is really positive uh this this conference is supported by the singaporean
05:41government it's attracted people from europe and america and all across asia uh and um
05:48indeed many of those nations are investing more than australia is in renewables projects in this
05:53asian region and the global headwinds around economic uncertainty has been mentioned but
05:58actually what's been mentioned more is the fundamental race that nature is creating uh that the southeast
06:05asia in particular faces great risks from climate change and the investors here are wanting to get
06:09ahead of that and help protect the resilience of their own cities and infrastructure by ensuring that
06:15they can also power their electricity grids with uh reliable renewables and and create long-term
06:21contracts with to secure their own energy in a way that helps avoid all the volatility that you get from
06:27fossil fuel prices so there's actually a lot of innovation here looking at clean energy and also
06:33uh nature-based solutions um across agriculture and fisheries and transport as well
06:47you
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