Uncertainty surrounding the renewable energy target (RET) has made the large-scale sector of the industry in Australia uninvestable, a clean energy analyst says. A report by Bloomberg New Energy Finance said large-scale energy investment fell 88 per cent - to $240 million - in 2014 compared to the previous year. It was the lowest level since 2002, the report said. Analyst Khobad Bhavnagri said uncertainty over the renewable energy target was to blame and that Australia was faring poorly on an international scale. In 2013, Australia was the 11th largest investor in large-scale clean energy projects and in 2014 it slid to 39th, he said. And its lagging behind Honduras, which came in at 33, Costa Rica, which was 27th, and Myanmar at 24th. Total investment in clean energy fell 35 per cent over the same period, the report said, propped up only by investments in rooftop solar power. Resource-rich countries such as Canada, South Africa and Brazil invested as much as 20 times more in large-scale clean energy projects as Australia over the year, the report said. It follows a November report from the Climate Council that suggested Australia had moved from a leader to laggard on renewable energy, with investment dropping 70 per cent. Mark Butler, shadow minister for environment, climate change and water, said Prime Minister Tony Abbotts anti-renewable ideology was the main cause of any fall in investment in renewable energy in Australia. There are endless opportunities presented by investing in and developing renewable energy and Australia is ideally placed to take advantage of these opportunities, he said. We have the knowledge base as well as abundant sun, wind and wave energy. It beggars belief that the Abbott Government is so desperate to stymie the industrys growth. A spokesperson for Ian MacFarlane, Minister for Industry and Science, said the Government was acutely aware that the renewable energy industry is facing uncertainty. This is because the current RET scheme is not operating the way it was intended, the spokesperson said. Uncertainty has existed for a number of years and many in the renewable sector privately acknowledge the current target is neither sustainable nor achievable. A recalibrated RET will better reflect market realities, which will in turn create a more stable environment for long-term investments.
Posted on: Mon, 12 Jan 2015 08:47:51 +0000
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