Already a subscriber?Investment in new large-scale renewable energy capacity fell by almost 80 per cent last year as grid bottlenecks, slow planning and environmental approvals, higher costs and tight labour markets took a heavy toll on Australia’s chances of reaching 2030 climate targets.
No new wind turbines were built in the past year, although big batteries were a standout bright spot in commitments to clean energy projects.It was the lowest level for new commitments to large-scale renewables – a lead indicator for future expansion – since the CEC started tracking investment in 2017.
The CEC described 2023 as “particularly poor” for new investment in large wind and solar plants, which gives a strong signal to where the sector is headed. The CEC said the slump reflected “a more complex and challenging landscape for new investment decisions” and noted that the government’s expanded Capacity Investment Scheme, announced in November, should reverse the trend.is designed to deliver an additional 32 gigawatts of capacity by 2030, costing about $67 billion,
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