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The energy industry is on an inevitable path away from fossil fuels and further investment in the sector, particularly in coal, would be very risky, according to research by the University of NSW.

 

Analysis comparing the likely costs of pursuing 100 per cent renewable power by 2030 with a range of coal and gas options found a shift to commercially available clean energy would be cost-effective and relatively low-risk.

 

Research assumptions included a price on carbon emissions of at least $56 a tonne by 2030, as modelled by Treasury, and estimated a range of costs for capturing and storing emissions from coal or gas power plants underground.

 

Advertisement ''There's a very low probability that coal has a future in power stations for generating electricity because even if [carbon capture and storage] becomes available, the way things are going, renewables will be cheaper,'' said Mark Diesendorf, an associate professor at UNSW's institute of environmental studies and report co-author.

 

Another assumption of the work is that governments, will place a price on carbon. The Coalition has vowed to scrap the carbon price if elected, while Labor and the Greens say they will fight to keep it.

 

''Whatever the year-to-year politics in Australia, in the long run, there will be quite high prices for carbon around the world, inevitably,'' Professor Diesendorf said.

 

Earlier research from the Australian Energy Market Operator, found Australia could shift towards 100 per cent renewable energy for a similar cost to using fossil fuels.

 

Source: www.smh.com.au