New ideas, such as solar panels that float on water supply reservoirs, could see Australia become a major renewable energy exporter
In the last fiscal year, Australia earned $172bn from international sales of its natural resources. But earnings are decreasing. The office of the chief economist estimates that energy commodities earnings declined by 6% to $67bn last year because of a decline in revenue from coal exports, and that exports of refined petroleum products have declined by an average of 11% a year over the last decade.
There are hopes however, that Australia could bolster its position by developing its exports of renewable energy – especially those generated through solar technology. The opportunity is there. China – one of Australia’s major coal buyers – has committed to increase its share of non–fossil fuels as part of its primary energy consumption to around 20% by 2030.
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