CSIRO’s outlook for 2060

POWER bills could be about 60 per cent less in 40 years if energy efficiencies and low emissions technologies are adopted, a new report suggests.

CSIRO’s Australian National Outlook compares two versions of the nation in 2060 – a scenario where economic, social and environmental challenges are tackled head on, and another where they are not.

Australia will enter a “slow decline” if the challenges are not dealt with, the report says.

The positive scenario is achieved through pulling policy levers in industry, urban planning, energy, land use and cultural shifts.

The electricity grid could be almost 100 per cent renewables by 2050, due to declining costs and market forces.

“Even with that transition to renewables, energy affordability increases,” research leader James Deverell says.

“Households could be spending as much as 64 per cent less on electricity as a percentage of their income compared to today.”

Australia could have 37 per cent renewables by 2060 and “net zero” greenhouse gas emissions by 2050.

In the alternative scenario Australia meets its international emissions reduction targets through the use of carryover credits, before pollution levels stagnate after 2030.

The third lever sees Australia finding new sources of economic growth, such as advanced manufacturing and low emissions energy. Living standards could be up to 36 per cent higher and wages 90 per cent higher in such an outlook.