Australian renewable energy investment falls 70pc: report

Australian renewable energy investment falls 70pc: report

The Climate Council has released a new report today, finding new investment in renewable energy projects has dropped by 70 per cent in Australia.

Earlier this year, the federal government commissioned a review in Australia’s Renewable Energy Target, which recommended it be it scaled back, or wound up completely.

Professor Tim Flannery from the Climate Council says due to this uncertainty in Australia, renewable energy investors are going to countries such as the US and China.

“The big international companies are just looking across-the-board and saying ‘there’s a favourable environment here in Texas or there in Europe or China, we’ll put our money there’,” he said.

Professor Flannery says the Abbott government needs to make its position on renewable energy clear, before Australia loses even more investment.

He says the breakdown of bipartisan support has cost Australia a number of projects.

“We’ve had five electoral cycles where we’ve had bipartisan support for a policy which has served us very well. The breakdown this year has started to cost us. Unfortunately that damage, you can’t undo that,” he said.

He says he’s hopeful there can be some common sense negotiations between the two major political parties, to agree to a suitable renewable energy target.

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Libby Dreyer
Libby Dreyer 1729 posts

Libby has worked as a Senior Journalist at National Radio News since February 2011. She graduated with a Bachelor of Journalism from the University of Canberra in December 2010.

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