A new report from EY’s Net Zero Centre has shed light on the critical challenges facing Australia’s energy transmission projects, warning of potential economic losses exceeding $40 billion by 2050 if urgent action is not taken.

The comprehensive study identifies key roadblocks hindering progress towards Australia’s 2030 renewable energy targets and outlines detailed solutions to address these delays.

The report emphasises the pressing need for streamlined approval processes, regulatory reform, and enhanced community engagement to accelerate the development of crucial transmission infrastructure.

According to the report, Australia faces a complex set of challenges in its transition to a renewable energy future.

With limited options to address labour and equipment constraints in the short term, the study concludes that policy and planning represent the most immediate and impactful lever available to drive progress.

“We have three levers to pull. But with limited options on labour and equipment constraints, the only lever we can pull quickly is policy and planning — and so the government needs to act urgently and decisively to overcome delays,” the report states.

The findings underscore the importance of swift and decisive action from government bodies to overcome these obstacles.

By focusing on policy reforms and improved planning processes, Australia can mitigate the risk of significant economic losses and ensure a more reliable, affordable, and sustainable energy future.

As the country races against time to meet its 2030 targets, the EY report serves as a crucial call to action for policymakers, industry leaders, and stakeholders across the energy sector.

The study’s recommendations provide a roadmap for addressing the current bottlenecks and accelerating the transition to a renewable energy-powered Australia.

With the stakes high and the timeline tight, the report emphasises that immediate action is necessary to de-risk urgent investments and allow time for broader regulatory reforms.

By addressing these challenges head-on, Australia can overcome current obstacles and deliver on its ambitious goals for a sustainable energy future.