The 29th St. Petersburg International Economic Forum (SPIEF) opened on Wednesday in St. Petersburg, Russia, bringing together about 20,000 representatives from political, business and academic circles from more than 100 countries and territories.
The four-day event, themed "Pragmatic Dialogue: The Path to a Stable Future," focuses on fostering new models of global development amid ongoing transformations in the world economy, according to organizers.
The forum features seven thematic tracks and more than 170 dialogues, speeches and discussion sessions. More than 300 business events are also scheduled, including closed-door consultations, thematic roundtables and business breakfasts.
Multiple cultural events will also be held within the framework of the forum. Olga Galaktionova, director of the State Tretyakov Gallery, said after Russia and China implemented mutual visa exemption policies, the gallery has been welcoming a growing number of Chinese visitors.
"For international visitors, we now offer audio guides not only in English but also in Chinese, which has become extremely popular. Our data showed that the Chinese audio guide is sometimes even more welcomed than the Russian audio guide," said Galaktionova.
Launched in 1997, the St. Petersburg International Economic Forum has grown into one of Russia's most important international economic forums.
Russia's flagship economic forum opens in St. Petersburg
Australia is seeing a surge in the use of rooftop solar and home battery storage, driven by a combination of generous government subsidies and a decline in technology costs.
Marjan, a local resident, is part of a rapidly growing trend in Australia.
When Marjan put solar panels on her Sydney home six years ago, she decided against including a battery storage system.
"They're too expensive. They're not good enough yet," said Marjan.
That changed about six months ago when she heard about government rebates and improvements in the technology.
"Go for it. Just have it done. It's quite a bit of learning, but I think it's very worth it," Marjan said.
According to industry figures, Australia has installed more than 420,000 home battery systems, making it one of the world's fastest-growing household battery markets.
The pace of adoption has been stark. Just a year ago, one in every 500 Australian households had home battery storage systems. Today, that figure has skyrocketed to one in every eight households.
The growth is significant in a country where one-third of the households already generate electricity from rooftop solar panels.
"There's two factors at play, I think. Firstly, a government subsidy scheme. That's a relatively generous government subsidy scheme, trying to drive this. Secondly, I have to pay tribute, I think, to Chinese innovation and investment that has driven down the cost of batteries significantly over the last few years," said David McElrea, chief executive officer of the Smart Energy Council of Australia.
Australia has long relied on coal-fired power generation, giving it one of the highest per-capita emission rates in the developed world.
The solar boom is lowering the country's emissions, without relying on large-scale renewable energy projects.
"A small system on a house requires two people with relatively low skills to install the solar and battery system, and they do it in one day, with no need for planning, no one getting upset in a board or community, no need for upgrades of huge power lines," said Tristan Edis, director of Green Energy Markets.
The impact is becoming increasingly visible. Renewables now account for about half of Australia's electricity generation, driven largely by rooftop solar.
For many consumers, the appeal is about saving money.
"I don't use the grid at all. I use my solar, my battery, the free electricity I get," said Marjan.
"It's now by far and way the cheapest form of energy, which is why people embrace it, and is why it's a model that, I think, we are rolling out in Australia. And I think the rest of the world should look to," said McElrea.
As countries worldwide grapple with the twin challenges of lowering carbon emissions and keeping power bills affordable, analysts say Australia's rooftop-led model offers a proven blueprint for the global energy transition.
Australia sees surge in use of rooftop solar
