Australia is becoming one of the most desirable places to implement renewable energy sources, according to a report by global power and utilities company Ernst & Young (EY).
The nation has risen from 10th to fifth in the global Renewable Energy Attractiveness Index, which takes into consideration conditions for renewable power in 40 countries.
China tops the list, followed by India, the US and Germany. Ireland was placed bottom.
“It is difficult to overstate just how profound the impacts of wide-scale, low-cost energy storage will be on the utility sector,” said Ben Warren, EY’s corporate finance leader.
“Ever since the first power plants were built in the 1880s, electrical engineers have grappled with the challenges of balancing, in real-time, the supply and demand of a commodity that was almost impossible to store.
“Battery storage promises to address these challenges, as well as ultimately enabling the entire decarbonisation of the world’s electricity supply,” he said.
The report explained how mentioned role of renewables and battery storage technologies has become part of the political agenda in Australia.
“Energy policy remains highly contentious, with the opposition Labor Party pushing for continuing investment in renewables,” it stated.