A Dire Need of $100 billion for Renewable Energy: A Case for Statecraft, Not Industry Policy

Experts are calling for a massive investment of $100 billion for Australia’s renewable energy sector, arguing it should be seen as an act of statecraft and not merely industry policy. This funding is necessary to meet the country’s climate goals and help it transition into a low-carbon economy. The current policy, which focuses on a market-based approach, is proving to be inadequate for the scale of transformation needed.

Recognizing the Need for Investment in Renewable Energy

Australia’s renewable energy sector demands an investment of $100 billion to aid in the transition towards a low-carbon economy. This colossal sum is needed to shift from the current market-based approach to a more proactive state-led policy that can drive large-scale changes.

The Shortcomings of Market-based Policies

The existing market-based policy is inadequate to meet the pressing needs of the country’s renewable energy industry. The policy’s emphasis on competition and deregulation has proven to be ineffective for the transformation required to meet climate goals and transition to renewable energy.

The Statecraft Approach to Renewable Energy

The proposed statecraft approach, which views investments in renewable energy as acts of governance rather than industry policy, can help meet the investment needs of the renewable energy sector. This approach involves the state taking a leading role in guiding and funding the transition to renewable energy.

The call for a massive investment in Australia’s renewable energy sector and the shift to a statecraft approach highlights the urgency of the situation. It underlines the need for proactive state intervention to meet climate goals and transition to a low-carbon economy. The scale of transformation demanded by the renewable energy sector requires more than market-based policies – it requires statecraft.