A recent research report published by the Climate Council of Australia states that country’s investments in renewable energy projects have reduced nearly by 70% in the last year. Stating this, the report also says that Australia has stepped down from once being the leader in developing renewable energy and that it has now become a laggard in the field. The report further adds that the country is losing out on a valuable business.
The report sparks concerns about the loss that the country is facing due to the lack of a clear energy policy. It states that the investment that should’ve been made in Australia is going overseas – to countries that are leading towards a renewable energy future.
Most countries around the world have accelerated their efforts in climate change in the past five years because the consequences of ill-managed energy resources have become clear over the years. Taking instance of China’s efforts in the field, the report states that the country has retired coal power stations of combined capacity of nearly 77 gigawatts worth capacity. China further plans to retire coal powered plants of 20GW capacity by the next year.
The US is also rapidly exploiting the global shift towards renewable energy by introducing incentives to investors in the field.
The report concludes that the future of renewable energy in Australia remains highly uncertain due to the lack of a clear renewable energy policy.
Another report states that the country will have to reduce its target for carbon emission reduction to 40% by 2025.