Australia is installing more renewable power per person than any other country, meaning that the country is on track to meet its Paris Agreement emissions reduction targets a full five years early.
According to new research from the Australian National University (ANU), Australia is installing more renewable power per capita several times faster than the European Union, Japan, China and the United States.
"The installation of renewables in Australia last year really ramped up compared to these other major economies, and we expect that trend to continue this year and beyond," said Professor Blakers from the ANU Research School of Electrical, Energy and Materials Engineering (RSEEME).
"The electricity sector is on track to deliver Australia's entire Paris emissions reduction targets five years early, in 2025 - without the need for any creative accounting.
"Australia is on track to reach 50 per cent renewable electricity in 2024 and 100 per cent by 2032. The Australian renewable energy experience offers real hope for rapid global emissions reductions to preserve a living planet."
According to the research, the net economic cost of reaching the 2030 carbon emission targets set by the Paris Agreement would be zero, as sustainable and renewable energy production means are now cheaper per unit than carbon power generation.
"We can do this with energy storage, demand management and strong interstate connection using high-voltage transmission lines to smooth out the effect of local weather," co-researcher Bin Lu said.
"By far the leading storage technologies are pumped hydro and batteries. Australia's coal power stations are old and are becoming less reliable, and transition to a modern renewable energy system can improve grid stability."