POWERING PROGRESS: WWF-AUSTRALIA'S GUIDE TO RESPONSIBLE ENERGY INVESTMENT FOR BUSINESSES

Australia needs to rapidly shift towards a renewable future that protects people and the planet. We need a fast, best, and just transition to renewable energy, including products and systems that benefit people and nature. It's now time to build fast to keep 1.5°C warming in reach, best to reverse the trend of biodiversity loss, and just to achieve an inclusive, fair and resilient transition for local communities, in particular, First Nations communities. Although Australia is doing more to transition to renewables and decarbonise emissions-intensive industries to combat global heating, it’s critical to influence how this transition occurs to ensure it has a meaningful impact.  The energy transition provides both opportunities and challenges in addressing the nature and climate crises while meeting regional communities’ needs. The transition can only happen at the pace needed if projects ‘get it right’ and deliver positive environmental and social outcomes. ‘Getting it right’ is complex but critical for the energy transition to succeed. Like other industries, renewable energy projects must earn a social licence to operate while also working towards meeting Australia’s commitments to a nature-positive and net-zero future. Many large energy users investing in renewable energy recognise this opportunity, and developers also want to know what best practice is for meeting these challenges. There are recent and well-publicised examples of corporate Power Purchase Agreements (PPAs) that have experienced extensive and costly delays or collapsed because generators did not value the environmental and social aspects of the projects – ultimately leaving energy buyers exposed to reputational risks. So, how do buyers and sellers of renewable energy assess whether projects will deliver positive social and environmental outcomes? Buyers need to safeguard their brand according to the social and environmental impacts of projects within their renewable PPAs by identifying risks and opportunities. Sellers need to future-proof their projects by taking positive steps during the planning, construction, operational and decommissioning stages to enhance the project’s environmental, social and economic legacy. That’s why WWF-Australia has teamed up with the Business Renewables Centre-Australia and ERM Energetics to develop a new guide for buyers and sellers of renewable energy. The guide titled "Renewable PPAs that are good for nature, people and your business" helps to articulate what ‘good’ looks like for renewable energy projects across a range of environmental, climate, community and organisational criteria. When properly managed, environmental and social impacts can deliver mutually beneficial outcomes for investors and communities alike and help the energy industry contribute to a future that is good for people and planet. With your support, we're calling on the government and businesses to protect and restore nature. Add your voice today!