BNEF reports that Australia will need $2.4 trillion to achieve its net zero target, but warns that the window to secure a safe climate is closing rapidly.

Bloomberg NEF has warned that Australia’s opportunity to meet its 2050 net zero targets is rapidly closing, emphasizing that significant investments in new wind, solar, and storage must occur within this decade. Additionally, coal and unabated fossil gas generation must be phased out by 2035.

The latest BNEF New Energy Outlook for Australia estimates the cost of the transition to net zero by 2050 at $2.4 trillion. While this figure may seem substantial, BNEF notes that it is only 12 percent higher than the business-as-usual scenario, with more than half of the cost ($1.3 trillion) attributed to electric vehicles.