Modelling of renewable energy economy in Australia
journal contributionposted on 06.12.2017, 00:00 by Md Abul Kalam Azad, Mohammad Rasul, Mohammad Khan, A Omri, Muhammad Bhuiya, Md Hazrat Ali
The Australian economy is dependent on energy use now and in the future because Australia is endowed with abundant, high quality and diverse energy resources, including both renewable and non-renewable resources. The major energy utilization sectors are electricity generation, transport sector and manufacturing which accounts in combination for more than 75% of Australia’s total energy consumption. In this article, the time-series energy model for economic growth is reviewed and discussed first, and then an energy economic model is proposed in which decomposing the energy consumption in renewable and non-renewable energy and focuses on resilient strategic investment decisions on the electricity generation and transport sector. The proposed economic model will take asignificant role in the long-run reduction of CO2 and economic growth in Australia.