Overview / Executive Summary of the report• The need for transition in the energy industry away from carbon-based energy production• The costs and benefits (viability) of transition to clean-energy infrastructure and power generation• Analysis of government role in supporting transition (or not)• The effectiveness of government policies• Suggest and justify recommendations for Australia to achieve Industry efficiency and macroeconomic objectives

Task Details / Description:Context: This economic project asks you to conduct research and make recommendations on the economicviability of decarbonising the Australian energy industry, its impact on the Australian economy and the role of government.Scenario: Analysing the economic impact on the Australian domestic economy of the decarbonisation of the Australian energy industry. Is iteconomically viable and should the government play a bigger role?Task:Students conduct an in-depth analysis of the need for, and the viability of, the Australian energy industry’s transition away from carbon-basedfossil fuels towards clean and renewable energies. They analyse data to evaluate the economic and social costs/benefits of such a transition onthe Australian economy. They also evaluate the economics of the AustralianGovernment’s policy position on industry transition, make well-reasoned conclusions about the effectiveness of such policy and makerecommendations regarding the most appropriate policies that will help achieve Australia’s macroeconomic objectives.Students conduct their analysis by:Researching data on the need for transition, reading and analysing media releases and government and industry body studies, selecting otherrelevant data (quantitative and qualitative) that can assist in evaluating the impact of transition (or consequences of not transitioning), governmentrole in supporting transition, and effectiveness of government policy in the energy industry.Possible framework:• Overview / Executive Summary of the report• The need for transition in the energy industry away from carbon-based energy production• The costs and benefits (viability) of transition to clean-energy infrastructure and power generation• Analysis of government role in supporting transition (or not)• The effectiveness of government policies• Suggest and justify recommendations for Australia to achieve Industry efficiency and macroeconomic objectives

The need for transition in the energy industry away from carbon-based energy production

The economic logic supporting a government-led “net zero transition” that emphasises a pivot away from fossil fuels and towards alternative, lower-emissions energy sources does NOT rest on which of the following assumptions? (Assume that the goal of the net zero transition is to increase total Australian welfare.)A.Higher emissions are causally linked with ambient surface temperatures and other climatic conditionsB.Large-scale fossil fuel energy production is cheaper and more reliable than alternative energy productionC.Changes in energy use in Australia and elsewhere will suffice to change Earth’s temperature and mitigate other climatic changes within a reasonable time frameD.Energy markets do not price in the climate externality of emissionsE.Higher surface temperatures and other climatic changes linked to emissions will be on net harmful to Australians

The costs and benefits (viability) of transition to clean-energy infrastructure and power generation

ORIGINAL TEXT: Published online by Climate Action Tracker 2 AUG 2022Australia is suffering an energy crisis related to high global energy prices, an ageing coal power plant fleet and a lack of investment in renewable energy by the previous government, despite Australia’s huge solar and wind potential, and its renewable energy and green hydrogen export opportunities. STUDENT’S ASSIGNMENTWhilst Australia has an abundance of capacity in green and renewable energies for both domestic and international markets, the combination of lack of development in renewables, ageing infrastructure and elevated energy prices across the globe, have led to the current energy crisis we are experiencing (Climate Action Tracker, 2022)Is the student’s paraphrase acceptable?Responsesa Yes, because the student has kept the original meaning, but used their own words.Yes, because the student has kept the original meaning, but used their own words.b No, because the information is common knowledge, so citation isn’t necessary.No, because the information is common knowledge, so citation isn’t necessary.c No, because the student hasn’t kept the author’s main ideas.No, because the student hasn’t kept the author’s main ideas.d No, because the original text has simply been copied in the assignment.No, because the original text has simply been copied in the assignment.Skip to navigationItem1, Fully Attempted.Item2, Fully Attempted.Item3, Fully Attempted.Item4, Fully Attempted.Item5, Fully Attempted.Item6, Fully Attempted.Item7, Fully Attempted.Item8, Fully Attempted.Item9, Unattempted.PreviousNext