How green banks can help Australia become a renewable superpower
Around the world, we are beginning to see changes in energy consumption, with many countries turning to renewable energy to fuel their economies in an effort to curb the effects of global warming. Here in Australia, we are well placed to take advantage of these changes, with the ability to create a renewable industry on a large scale and become a superpower in sustainable energy.
Thanks to our abundance of sunlight, large land area, skilled workforce and modern infrastructure, Australia has some of the best renewable energy resources in the world and could play a key role in supplying an energy efficient market.
We cannot however, hope to achieve this status without banks taking an active role, and this is where green banks are crucial.
Green banks are innovative
While Australia’s banking industry is not known for being innovative in terms of investing in new technology, green banks are at the forefront of innovative financing and have a particular focus on funding renewable energy ventures.
This investment and attention on the clean energy sector helps Australia stay competitive in attracting energy intensive industries to the country, who are migrating to places offering low-cost clean energy.
Green banks help meet carbon reduction targets
The Paris agreement officially came into force last month, legally binding Australia to help keep global average temperatures to below 2° above pre-industrial levels by reducing emissions to 26-28% on 2005 levels by 2030. This will only be achieved through further reliance on renewable energy and energy efficiency improvements, however over the past two years investment in large-scale renewable energy has decreased.
Luckily green banks have continued to fund solar, wind and other various clean energy projects in an effort to make sure Australia does not fall too behind the rest of the world.
So, can Australia become a renewable superpower?
Unfortunately, despite Australia’s potential to become a renewable superpower and large public support for clean energy, the country is among the worst in the world for use of renewables. However, we can still realise our potential as a renewable superpower through support for green banks and green home loans. As a home loan customer, you can make a clear statement to banks and the government that you don’t support the fossil fuel industry by switching your home loan to a green bank that is innovative and helps meet carbon reduction targets.