Territory Stories

Climate Change: Impacts and Solutions

Details:

Title

Climate Change: Impacts and Solutions

Other title

NT Youth Round Table

Creator

Northern Territory. Department of the Chief Minister. Office of Youth Affairs

Collection

NT Youth Round Table newsletter; E-Journals; PublicationNT; NT Youth Round Table newsletter

Date

2014

Location

Darwin

Notes

This publication contains may contain links to external sites. These external sites may no longer be active.; Made available via the Publications (Legal Deposit) Act 2004 (NT).

Language

English

Subject

Chief Minister's Round Table of Young Territorians; Youth Services; Youth; Periodicals

Publisher name

Northern Territory Government

Place of publication

Darwin

Series

NT Youth Round Table newsletter

Volume

Newsletter January 2014

File type

application/pdf

ISSN

1440-2122

Use

Attribution International 4.0 (CC BY 4.0)

Copyright owner

Northern Territory Government

License

https://creativecommons.org/licenses/by/4.0/

Parent handle

https://hdl.handle.net/10070/292071

Citation address

https://hdl.handle.net/10070/400490

Page content

11 The cost of renewable energy can range from cheaper than fossil fuels to very expensive, depending on how and where the energy is generated. The major advantage of renewable energy sources is a relatively low operating cost due to the fact that very little money is spent on fuels. According to a report by the International Energy Agency, any money spent on renewable energy now will pay itself off in fuel savings by 2025 (IEA, 2012). By 2050, they predict that fuel savings will be three times the amount spent on building the clean energy sources. One study has shown that if Australia were to transition to 100% renewable energy in ten years, it would cost roughly $137 billion, which would be about 3% of Gross Domestic Product over the ten years. Though the up-front investment required by the Plan is significant, maintaining business-as-usual (BAU) is not without its costs either. BAU requires $AU135 billion for ongoing capital investments in energy infrastructure for the period 2011 to 2020, and then continues to pay for increasingly expensive fossil fuels in later years, with$AU300 billion in fuel costs. Although the ZCA2020 [Zero Carbon Australia] Plans up-front investment is substantially higher than BAU, the Plans low ongoing costs result in dramatically reduced expenditures over the long-term. Calculating net present costs on a longer timeframe (2011-2040) demonstrates that the ZCA2020 Stationary Energy Plan is about the same cost as the BAU scenario. (Matthew Wright, 2011, p. xix) From research conducted, it is apparent that a combination of the cheapest renewable energy options and energy efficiency is the best way of reducing the greenhouse gas emissions of the energy industry with the least economic damage possible. Renewable energy can be used as part of the electricity grid in many different ways, ranging from entirely decentralised to one massive energy generation station, with varied complex combinations of different types of energy generation. The best system is different for every area, and is best decided using computer modeling of the electricity grid against weather and other factors that affect renewable sources. Policy case studies Effective adaptation and mitigation responses will depend on policies and measures across multiple scales: international, regional, national and sub-national. Policies across all scales supporting technology development, diffusion and transfer, as well as finance for responses to climate change, can complement and enhance the effectiveness of policies that directly promote adaptation and mitigation. (IPCC, Climate Change 2014 Synthesis Report: Summary for policy makers, 2014, p. 20). Regional Greenhouse Gas Initiative A group of states in America have created The Regional Greenhouse Gas Initiative (RGGI), which was created with the goal of making a difference for households, small businesses, farms, and industry in each of the states.