Bloomberg analysts say electricity generation from new wind farms is cheaper than new coal in Australia (Photo: Shutterstock)
In 2008, the Garnaut Climate Change Review ranked Australia as the highest per capita emitter of greenhouse gases of any OECD country and amongst the highest in the world. One of the reasons for the country's high carbon footprint is its reliance on coal for electricity generation – 54 percent of it, according to the Australian Coal Association. But a new study by Bloomberg New Energy Finance (BNEF) points to a cleaner energy future with the claim that unsubsidized renewable energy is now a cheaper option for electricity generation than new coal- or gas-fired power stations.
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