The global renewable energy boom: how Australia is missing out

29.03.15 By , and

Australia is lagging behind the world’s major economies when it comes to renewable energy generation despite having enough renewable energy resources to power the country 500 times over.

Globally, renewable energy is now cost-comparative or cheaper than fossil fuels for generating electricity, and the cost of wind and solar in particular is projected to continue to fall steeply.

Investment and jobs in renewable energy have surged internationally. Clean energy investment grew in China (32%), the US (8%), Japan (12%), Germany (3%) and the UK (3%) in 2014. Whilst in Australia, investment fell 35% ( with investment in large-scale renewable energy falling 88%), due to policy uncertainty.

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FOUR KEY FINDINGS

 

1.Renewable energy is booming globally, with strong growth in investment and jobs. In contrast, though, Australian jobs and investment in the renewable sector have fallen sharply.

 

 

2. An important driver for the global renewable energy acceleration is the steep decline in costs of wind and solar. Hundreds of thousands of Australian households have benefited with solar PV panel prices falling 75% in the last 5 years.

 

3. Countries with consistent long-term renewable energy policies are attracting growth.

 

4. Australia has excellent renewable energy resources, but is missing out on the global renewable boom due to policy uncertainty and threats to wind back the Renewable Energy Target.

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