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.
The Australian government and the renewables sector in the country have been ramping up its energy transition efforts. Although a lot of new policies and projects were announced in recent years, experts said more has to be done to address labour shortages, skills gaps and reliance on fossil fuels.
Distributed rooftop solar fulfilled 14% of Australia’s energy consumption over this summer, a record level that exceeded all other renewable sources and brown coal generation.
Q4 2022 saw a marked uptick in renewable energy investment in Australia, and a 17% total bump in year-on-year investment was recorded compared with 2021. Despite this, more is needed to reach the country’s Renewable Energy Targets according to the Australian Clean Energy Council.
