Australia

Australia

Australian renewables investment falls 70%

AUSTRALIA: Renewable energy investment in Austalia has fallen 70% in just one year as a result of the threat of policy changes hitting confidence in the future of renewables in the county, new research has found.

Investors have been put off by policy uncertainty
Investors have been put off by policy uncertainty

The drop in investment to just US$193 million in the third quarter meant that the country slipped from the world's 11th largest market for renewables investment at the same time last year, to 31st this time around.

Figures from Bloomberg New Energy Finance show the country bringing in less green energy investment than Algeria and Myanmar.

The Australian government's review of the renewable energy target — which provides support for wind energy developement — led by businessman Dick Warburton, recently recommended that the target should be scrapped or suspended.

While it is likely that the government will find a compromise with the opposition Labor party, the position of renewables in the country will inevitably be hit.

Prime minister Tony Abbott's government has been openly hostile to wind energy. In July it scrapped a tax on carbon emmissions, making the use of fossil fuels cheaper and therefore hitting the viability of renewables projects.

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