EnergyAustralia today released its inaugural Climate Transition Action Plan (CTAP) setting out its plan to achieve Net Zero by 2050 across Scopes 1 and 2 emissions and its intention to develop a decarbonisation pathway for Scope 3 emissions by the end of 2024.
The CTAP includes a new commitment to work with partners to expand its renewable portfolio with up to 3GW to be committed or operational by 2030.
EnergyAustralia Managing Director Mark Collette said: “EnergyAustralia’s purpose is to lead and accelerate the clean energy transformation for all. Our CTAP is a milestone on our journey to reach Net Zero by 2050. The plan demonstrates we understand the size and complexity of the task for EnergyAustralia and for Australia as a whole.
“We are investing in and supporting renewables firming and renewable assets that will shape EnergyAustralia’s future and make the energy transition simpler for our customers.
“Our decarbonisation plan includes the closure of the Yallourn power station and brown coal mine in mid-2028 and the transition of Mt Piper toward a lower total emissions renewables firming role and ultimately a reserve role before retirement by 2040.
“The expansion of our commitment to renewables complements our existing pipeline of energy storage and renewables firming initiatives which, together with our partners, will involve the deployment of over $5 billion in capital.”
EnergyAustralia CTAP Key Initiatives
- Working with partners to expand its renewable portfolio with up to 3GW to be committed or operational by 2030 with a focus on large-scale wind generation. Creating demand for renewable energy will help bring forward the investment needed to support Australia’s clean energy transformation.
- Deployment of over $5 billion in capital by EnergyAustralia and partners in energy storage and renewables firming initiatives, including 665MW of renewables firming already under construction. This will occur through a combination of direct investment, Power Purchase Agreements, Storage Agreements and Consumer Energy Resources.
- Confirming a commitment to close the Yallourn power station and brown coal mine in mid-2028 reducing EnergyAustralia’s Scope 1 total emissions by over 60% on 2019–20 levels in 2028–2029. We will continue to work closely with employees and community stakeholders to facilitate a just transition.
- Continuing to transition Mt Piper towards a lower total emissions renewables firming role and ultimately a reserve role prior to its retirement and our exit from coal-fired thermal generation by 2040. A low output reserve role for Mt Piper would contribute to system reliability and stability and support the entry of new renewables firming capacity until long-duration storage technology is commercially available.
- Developing a decarbonisation pathway for Scope 3 emissions by December 2024 as part of an updated CTAP and continuing to invest in solutions that make it simple for customers to decarbonise their energy use.
Mr Collette added: “We recognise the clean energy transformation is one of the most significant undertakings of the modern era involving real challenges and significant uncertainties.
“There is much more to accomplish, and our first Climate Transition Action Plan explains where we are on the journey to achieving Net Zero and lays out our next steps.
“As the technology and infrastructure supporting Australia’s clean energy transformation become more certain, our Climate Transition Action Plan will evolve to reflect these changes. This will start with an update to our CTAP in 18 months’ time to share our Scope 3 emissions
“We are excited about EnergyAustralia’s future based on a commitment, actions and a timetable to support the nation’s future – one with a Net Zero energy system underpinning a Net Zero Australia.”
EnergyAustralia’s Climate Transition Action Plan can be found at www.energyaustralia.com.au/about-us/sustainability.
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