Australia renewables investment falls 88 per cent

• 9 years ago (2015-03-11)
• Junior Isles

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Investment in Australia's renewable energy sector has fallen by 88 per cent, as the Australian government has steadily taken favourable conditions for development away.

The industry has previously been clear that this investment crash is a direct consequence of the uncertainty created by the Abbott government's policies, especially as worldwide investment has risen by 16 per cent in the same period.

The government’s decision to reduce the Renewable Energy Target (RET) by up to 40 per cent is creating uncertainty, a lack of capacity to meet current legislated targets and a reduction in Australia's ability to stay innovative in the development of new technologies.

The RET was introduced in 2002 and was capped at a modest 2 per cent, although the next Labour government increased this to 20 per cent in 2009.

Currently negotiations are ongoing between Australia's main political parties and significant differences remain in the different positions.

Australia recently demonstrated its potential in the renewables sector with the recent start-up of the Carnegie wave plant off Garden Island in western Australia. It is the world's first grid-connected wave energy plant.