Australia’s Prime Minister has announced an Inflation Reduction Act-style investment package to stimulate a domestic clean energy manufacturing industry.
Continued growth in rooftop solar and “record-breaking” investment into utility-scale energy storage led renewable energy to fulfil almost 40% of Australia’s electricity supply in 2023.
Despite having the ideal attributes to become a clean energy superpower, Australia has never quite lived up to its potential. Will Norman assesses the barriers and asks whether recent investment announcements could turn the tide.
Investment in renewable projects in Australia has continued its slow trend in the third quarter of 2023 with only two new projects achieving financial commitment, according to trade body the Clean Energy Council (CEC).
If Australia does not want to lose its international competitiveness as a renewables producer, the government will have to invest AU$100 billion (US$64 billion) in the next ten years, according to the sector's trade body the Clean Energy Council.
Q2 2023 was one of the lowest periods for financial commitments to future renewable energy generation projects in Australia since 2017, according to trade body the Clean Energy Council (CEC).
The Clean Energy Council (CEC) of Australia and the New South Wales anti-slavery commissioner James Cockayne have partnered to produce a new Code of Practise to manage the risks of modern slavery exposure in renewable energy supply chains.
