logo
Article

Australia's investment in renewable energy slumps 70% in one year

The Guardian|Oliver Milman|October 3, 2014
AustraliaTaxes & SubsidiesEnergy Policy

Australia’s investment in renewable energy projects has slumped below that of Algeria, Thailand and Myanmar, new figures have shown, with the sector “paralysed” by the government’s review of the Renewable Energy Target.


Australia’s investment in renewable energy projects has slumped below that of Algeria, Thailand and Myanmar, new figures have shown, with the sector “paralysed” by the government’s review of the Renewable Energy Target.

Just $193m was invested in new large-scale clean energy projects in the third quarter of 2014, according to Bloomberg New Energy Finance. Investment in the year to date is $238m.

This represents a massive 70% slump on 2013 investment and has resulted in Australia slipping from the world’s 11th largest investor in clean energy to 31st in 2014.

This ranking is below Algeria, Myanmar, Thailand and Uruguay. By comparison, Canada has invested $US3.1bn in large clean energy projects so far in 2014.

The slowdown in renewable energy investment is pinned squarely by Bloomberg on the government’s review of the RET, which mandates that 41,000 gigawatt hours of Australia’s energy comes from renewable sources by 2020.

A recent review of the RET by businessman Dick Warburton found that although it has created jobs and driven investment, ... more [truncated due to possible copyright]

     

Australia’s investment in renewable energy projects has slumped below that of Algeria, Thailand and Myanmar, new figures have shown, with the sector “paralysed” by the government’s review of the Renewable Energy Target.

Just $193m was invested in new large-scale clean energy projects in the third quarter of 2014, according to Bloomberg New Energy Finance. Investment in the year to date is $238m.

This represents a massive 70% slump on 2013 investment and has resulted in Australia slipping from the world’s 11th largest investor in clean energy to 31st in 2014.

This ranking is below Algeria, Myanmar, Thailand and Uruguay. By comparison, Canada has invested $US3.1bn in large clean energy projects so far in 2014.

The slowdown in renewable energy investment is pinned squarely by Bloomberg on the government’s review of the RET, which mandates that 41,000 gigawatt hours of Australia’s energy comes from renewable sources by 2020.

A recent review of the RET by businessman Dick Warburton found that although it has created jobs and driven investment, it should either be suspended or shut down completely.

The government has yet to formally respond to the report, instead holding talks with Labor on a “compromise” position that may see the RET altered in some way without being scrapped entirely. Labor, the Greens and the Palmer United Party all oppose any change to the RET.

Kobad Bhavnagri, an analyst at Bloomberg New Energy Finance, told Guardian Australia that the renewables sector is “in the doldrums.”

“The government’s position has caused this, it has had some pretty strong anti-renewables rhetoric, particularly anti-wind, and wants to close certain clean energy programs,” he said. “The review has been particularly protracted. The industry was fearful the recommendations would be extreme and they were. It has been shattering.

“I think the government has backed itself into a corner because the Warburton review lacks credibility. I don’t think it’s in Labor’s interest to agree to any changes to the target.”

Bhavnagri said that should the RET be scaled back rather than abolished, investment would resume but at around half its current level, meaning that $10bn would be invested between now and 2020.

The figures follow an analysis done by the Clean Energy Council and, separately, the Greens, which shows that New South Wales would suffer most if the RET was scrapped. An estimated $4.24bn in projected investment and 4,410 jobs in the state would be at risk if the scheme was dismantled.

“NSW will be the hardest hit if the RET is dumped, with huge negative implications for jobs growth, power prices and the environment,” said Greens senator Lee Rhiannon.

“The Greens will continue to work to retain and expand the Renewable Energy Target and to give the industry certainty.”

Earlier this week, Greg Hunt, the environment minister, said suggestions that the RET would be abolished are a “Labor scare.”

“We’re looking for a balanced, sensible middle path,” he told the ABC.

Daily email
Get the Australian politics email
All the latest news and comment on Australian politics, delivered to you every weekday.

Sign up for the Australian politics email Print this  
Australia news
Australian politics ·    Greg Hunt ·    Coalition
Environment
Renewable energy · Energy
Media
Bloomberg
More news
Share  
inShare
 Email
What's this?
More from the Guardian
John O’Keefe, May-Britt and Edvard Moser win Nobel Prize in Physiology or Medicine – as it happened 06 Oct 2014
Your nose knows death is imminent 01 Oct 2014
Hong Kong protesters beaten and bloodied as thugs attack sit-in 03 Oct 2014
Burqa furore no way to walk Australia's tightrope on race 03 Oct 2014
Clive Palmer denies Senate inquiry linked to feud with Campbell Newman 02 Oct 2014
What's this?
More from around the web
Promoted content by Outbrain
9 Things You Should Throw Away Immediately (AARP)
7 Ways to Manage Natural Resource Scarcity in a World Where Fossil Fuels Are Estimated to Run Out In 50-70 Years (Doing What's Good)
Energy Exports = An Opportunity, Benefits for Americans (Energy Tomorrow)
New Solid Fuel Could Reduce Fossil Energy By 6% Annually (Plastics Make It Possible)
NASA confirms ‘impossible’ thruster actually works, could revolutionize space travel (Digital Trends)
Recommended by

 

Today's best video
Hong Kong teenage 
How young people are leading Hong Kong's protests
The mother and son of a former Hong Kong chief executive candidate, Alan Leong, explain how protesting teenagers are making history
15 comments
Jose Mourinho (right) has a heated exchange  
Arsène Wenger v José Mourinho
Arsenal manager unrepentant after confrontation with Chelsea coach
The Rugby Championship - Argentina v Australia 
Wallabies laugh as national anthem mauled
Australian rugby team crack up as Argentinian tenor struggles with words
Hot air balloons 
Hot air balloons at fiesta
More than 600 hot air balloons take off at the same time in New Mexico

On the Guardian
Most viewed
Latest
Last 24 hours
1. Education: How Cambridge University almost killed me
2. Football: Premier League: 10 talking points from the weekend’s action
3. Film: Ben Affleck: Bill Maher and Sam Harris 'gross' and 'racist' in views of Islam
4. Media: Sky ‘saddened’ over death of alleged McCann troll
5. World: Syrian Kurds say air strikes against Isis are not working
More most viewed
License/buy our content | Privacy policy | Terms of service | US advertising | A - Z index | About us
© 2014 Guardian News and Media Limited or its affiliated companies. All rights reserved.
;  


Source:http://www.theguardian.com/au…

Share this post
Follow Us
Donate
Stay Updated

We respect your privacy and never share your contact information. | LEGAL NOTICES

Contact Us

WindAction.org
Lisa Linowes, Executive Director
phone: 603.838.6588

Email contact

General Copyright Statement: Most of the sourced material posted to WindAction.org is posted according to the Fair Use doctrine of copyright law for non-commercial news reporting, education and discussion purposes. Some articles we only show excerpts, and provide links to the original published material. Any article will be removed by request from copyright owner, please send takedown requests to: info@windaction.org

© 2022 INDUSTRIAL WIND ACTION GROUP CORP. ALL RIGHTS RESERVED
WEBSITE GENEROUSLY DONATED BY PARKERHILL TECHNOLOGY CORPORATION