A new study of Australia’s clean energy sector says investment committed so far this year has slumped to 2016 levels. That’s a problem.
The Clean Energy Council report warns 2 years of record breaking solar & wind growth is now in danger of falling off the cliff. This would buck world trends if it continues.
The UN just reported that global investment over this decade-2010 to 2019-is on course to hit $2.6 trillion, roughly quadrupling renewable energy capacity to over 13% by the end of the year.
Australia has been part of this new wave, but looks like it could have hit a wall this year.
In the final quarter of 2018 new wind and solar projects capable of generating 4500 megawatts of power won investors backing. In fact Australia saw more than double the per-capita investment of countries like France, Germany and the United Kingdom.
But we were under 800 megawatts in each of the first two quarters of 2019.
The head of the Clean Energy Council, Kane Thornton, blames “a lack of national policy”, “a range of out-of-date regulations” and “government interference in the energy market” for this year’s stall. The Federal Government, on the other hand, says things are still on track.
However the trend develops there are voices saying the country’s electrical power affordability and reliability ahead of the eventual closure of coal-fired generators is at risk. In other words power costs for consumers & business will rise if new clean energy projects aren’t forthcoming.
It’s hard to deny that Australia has been something of a global clean energy success so far-we’ve seen record roof top solar installs by millions of residents after all.
No one is saying energy isn’t a complex issue with a range of stakeholders—-often with competing agendas. We need to make sure we keep our existing energy mix on track-including coal while it lasts or continues to make financial & environmental sense-while we work hard to expand & support greener energy options.