More than 25% of Australia’s energy generation currently falls into the three highest climate-risk categories, according to the recently released Climate Risk Index from insurer Zurich and consulting firm Mandala Partners. That figure could grow to 35% by 2050.
Solar, alongside natural gas, is far and away the most vulnerable of all the generation types, the Climate Risk Index noted. It found that for solar, 95% of dedicated sites were in one of the three highest risk categories due to susceptibility to events like storms and hail.
As Zurich APAC CEO Justin Delaney noted, “much of the focus to date has centred on the risk of the energy grid to climate change, rather than on the risk of climate change to the grid.”
But the climate is changing and unfortunately a grid based on renewable generation is vulnerable to these changes. Representatives from AON, Commonwealth Bank, Engie, Energy Estate, PCL, and Nextracker discussed the future-proofing of Australian solar farms at the October All-Energy trade show in Melbourne. There was unanimous consensus among panelists that much more attention needs to be given to future-proofing in light of growing weather risks.
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