Higher demand for clean energy boosts investment opportunities 13 January 2012 Australia’s renewable energy sector is poised for significant growth over the coming decade, as the country tracks towards its Renewable Energy Target (RET) of 20 per cent by 2020. In 2011, clean energy accounted for almost 10 per cent of the country’s total electricity consumption, according to the Clean Energy Council’s latest report. A marked increase in hydroelectricity and wind power generation has bolstered Australia’s clean energy sector, whilst widespread adoption of household solar technology has doubled Australia’s solar photovoltaic (PV) capacity over the past 12 months. In 2011, bioenergy accounted for just 8.5 per cent of Australia’s renewable energy sources. But a recent study commissioned by the Australian Department of Resources, Energy and Tourism highlights Australia’s competitive advantage for growth in the global biofuel industry. In the 2010-11 financial year Australia’s renewable energy market was worth $5.2 billion and investment in Australia’s small- and large-scale clean energy projects rose by 60 per cent on the previous year. With the introduction of a price on carbon, the Director of the Clean Energy Council, Kane Thornton, says investment will grow. “Now that we have a carbon price in place, we expect to see many clean energy companies investing in major projects in 2012 and beyond,” Mr Thornton said. “Clean energy is now a major industry employing thousands of people…we are now well on the way to achieving the 20% renewable energy target.” More information |