Past year worst on record for new renewable energy projects: report

Only one clean energy project reached financial close in the third quarter of this year, with the past year being the worst on record for new approved capacity, according to a new report.to help replace the exit of coal, the new figures from the Clean Energy Council are an ominous warning about the challenges of fast-tracking new renewable projects into the grid.

CEC chief executive Kane Thornton said the third-quarter results showed investment needed to be accelerated in the future, which will hopefully be turbocharged by ambitious state targets. “Industry confidence to invest is growing, aided by clearer and more potent policy directions across the country, but the investment trend over the past year shows that we need a sustained focus on the energy transition from all governments.

Since 2014, there have been 247 financially committed renewable projects in Australia, with 221 under construction and another 169 commissioned. The final project, which will be sent to the Commonwealth for environmental approval, now only consists of 86 wind turbines and is less than half its original size.

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