The Clean Energy Council says Australia’s investment in renewable energy needs to lift to $10bn a year. Image shows Western Downs Green Power Hub in Queensland.
The federal government has committed billions so far in its efforts to achieve its promised national emissions reduction target of 43% by 2030 with an 82% share of renewables in the energy grid.Council shows Australia will need to significantly boost its investment in the sector to around $10bn a year for at least 10 years if it is to keep up with the US and other market competitors. The council described existing funding as “insufficient”.
“As a mid-sized economy at significant distance from major markets and a technology taker rather than maker, Australia will need to work harder to attract investment and supply chain interest,” the report states.