Australia's Renewable Energy Investment Surges to Meet 2030 Targets

Investment in Australia's renewable energy projects bounced back in Q1 2024, totaling A$1.1 billion. This significant rise is crucial to meeting the 2030 clean energy target. Despite this momentum, the country still needs 6-7 gigawatts of new capacity annually to achieve its goals.

Investment in major renewable energy projects in Australia bounced back in the first quarter from the lows of last year, but that has to ramp up even further to hit a key 2030 clean energy target, a report by an industry body said on Friday. BY THE NUMBERS

A total A$1.1 billion ($733.5 million) was invested in large-scale renewable energy projects in the first quarter of 2024, boosting the 12-month quarterly average investment by 73% to A$659 million, the Clean Energy Council said in a quarterly report. Five projects with a combined 895 megawatts capacity received financial commitments during the quarter.

However, the report said the country needs investments in 6-7 gigawatts of capacity each year between now and 2030 to meet the government's renewables target. WHY IT'S IMPORTANT

Australia's centre-left government is targeting 82% of power supply to come from renewables by 2030, but remains well short of the target, at 40% now, even after pledging to underwrite new wind, solar and battery projects with more than A$40 billion. Meeting the renewables target will also be key to meeting the government's Paris Climate Accord commitment to cutting carbon emissions by 43% from 2005 levels by 2030.

KEY QUOTES "These results are an encouraging sign that Australia's clean energy transformation is moving in a positive direction and on the road to recovery," Clean Energy Council Chief Executive Kane Thornton said in a statement.

"Landmark commitments made by the federal government in recent months have been designed to build certainty for renewable energy investors, which we expect will drive a resurgence for the large-scale generation we need." ($1 = 1.4997 Australian dollars)

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