Dutton’s energy war spooks global investors

Major investors are already rethinking their plans to keep ploughing billions of dollars into Australian renewable energy after the opposition pledged to power the electricity grid with nuclear reactors, ditch Australia’s 2030 climate targets and extend the role of fossil fuels.of lifting renewable energy to 82 per cent by 2030, arguing it would create an unacceptable risk of blackouts and power price spikes.

“A stable and predictable policy environment is essential for attracting and retaining the significant capital required to achieve our renewable energy targets,” said Marilyne Crestias, interim chief executive of the group, whose members include US investment behemoth BlackRock, France’s Neoen and Australia’s Macquarie and Tilt Renewables.

With the first of the Coalition’s proposed nuclear plants not scheduled to come online for more than a decade, senior opposition MPs are warning Australia’s renewable rollout should be scaled back and the role of coal expanded. Australia has emerged as one of the most attractive destinations for private capital to invest in the green energy shift, as the nation’s ageing fleet of coal-fired power stations increasingly bring forward their retirement dates, while state and federal governments have provided regulatory certainty with strong renewable energy targets.

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