The Australian Capital Territory has paved the way for a dramatic bounce back in Australia’s clean energy investment market, thanks to renewable energy target policies and incentives.
Bloomberg New Energy Finance data released overnight shows investment in clean energy totalled more than $4.2 billion in 2016 alone, a significant turnaround after the market lows of 2014 and 2015.
Climate Council CEO, Amanda McKenzie said the ACT’s 100% renewable energy target and should be credited for driving almost half of the large-scale clean energy investment boom.
“The ACT is leading the charge by embracing clean energy and should be congratulated for playing a major role in encouraging this incredible bounce back,’ she said.
She said the turnaround shows investment confidence in the sector following years of uncertainty surrounding the Abbott Government’s cuts to the renewable energy target in 2015.
“This report shows Australia is embracing renewable energy. There’s been a 49% jump in clean energy investments across the country in one year alone. The sector is moving in the right direction but more can be done to aid the recovery,” she said
While most State governments now have policies encouraging renewable energy, there is no Federal policy beyond 2020, only three years away.
“Australia is the sunniest country in the world, but to grow our share of global investment long term Federal policy is critical. This data highlights that policy certainty and the right incentives are important to grow Australia’s prospects for global renewable energy investment.
“It also highlights that state and territories are stepping in and providing the leadership we need to grow large-scale renewable energy in the absence of federal leadership.”
The report ranks Australia as 9th in the world for its total clean energy investment.
“The results are another wake up call for the Federal Government. Australia’s electricity sector is aging and inefficient. Opportunities in for growth in investment and jobs in renewable energy are significant but require effective national energy plan,” Ms McKenzie said.
“In 2017, the Federal Government has the opportunity to make significant changes to climate and energy policy that will support and follow the states and territories’ lead on renewable energy.
“As pollution continues to rise in Australia, increasing the proportion of our energy we receive from clean sources like the sun and the wind is crucial to reducing our emissions and meeting our climate targets.
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