Austalian Solar And Wind Investment Drops 70% Over 2018 Totals During First Six Months Of 2021

[hatrack]

Investment in new large-scale solar and windfarms and the number of construction jobs in renewable energy fell dramatically in the first half of 2021, according to industry data. A report by the Clean Energy Council says only three major projects reached financial sign-off in the second quarter of the year. The average quarterly investment in new renewable energy capacity this year is 29% lower than 2020 and 70% below 2018 levels, it said.

It meant that at any one time there had been only 1,300 construction jobs in large-scale renewable energy, a 2,700 drop on the industry’s peak three years ago. Kane Thornton, the chief executive, said the fall in investment was a result of increased risk factors facing investors, including ongoing concern over delays in getting new renewable energy plants connected to the electricity grid.

He also blamed the Morrison government’s resistance to higher and long-term climate targets, and proposed Energy Security Board reforms including the creation of a “capacity market” that offer support for ageing coal power plants to extend their lives.

The decline in investment in large-scale clean energy has continued while the Morrison government has shifted its policy focus to lowering the cost of commercially unproven technologies such as carbon capture and storage and low-emissions hydrogen to cut greenhouse gas emissions. It says it supports a “technology, not taxes” approach to tackling climate change.

EDIT

https://www.theguardian.com/environment/2021/aug/13/large-scale-solar-and-wind-farm-investment-in-australia-records-major-drop-this-year

[NNadir]

1. That's amazing, as solar and wind have done so much to avert climate change.

Stopped it in its tracks.