BloombergNEF's latest report warns that Australia needs a massive AU$2.4 trillion investment to achieve net zero emissions by 2050, with solar PV and wind installations projected to reach 290GW. The report emphasizes the urgent need for a scale-up in clean energy technologies, highlighting that renewable energy capacity must grow by 135% by 2030 to 126GW to stay on track. Energy storage, in the form of batteries and pumped hydro, is expected to significantly increase to 59GW by 2050 to support grid stability. The transition to a decarbonized power system is deemed essential for cost-effective carbon emission reduction. The use of wind, solar, and energy storage technologies will be crucial in meeting decarbonization targets. BloombergNEF underlines the necessity of a low-carbon power sector as the foundation for broader emissions reduction efforts in various sectors. Furthermore, the report stresses the importance of embracing clean and low-carbon technologies like hydrogen, biofuels, and carbon capture to achieve net zero. The potential of hydrogen in decarbonizing industries, such as steel production, is highlighted. Australia's investment in renewable energy and technologies like hydrogen could lead to lucrative export opportunities. The article also points out the significance of electrification in hard-to-abate sectors, increasing the demand for energy generation. Flexible demand technologies, including smart electric vehicle charging, are identified as crucial for the transition. Despite challenges, the adoption of pioneering clean technologies is seen as essential for Australia to reach its net zero targets by mid-century.