Power and gas giant Origin Energy says Australia’s legislated target to double the share of renewables to 82 per cent of the electricity mix by the end of the decade still looks difficult to achieve, even after a surge of investment during 2024.
Investments in new large-scale wind and solar developments reached a six-year high last year with more than $9 billion worth of projects securing funding commitments.
The figures, released this week, have lifted hopes in the industry that the federal government’s ambitious commitment to dramatically expand the rollout of renewable energy by 2030 could be back within striking distance.
Australia is aiming to double the share of renewable energy in the grid by 2030.Credit: Getty
“These results show that clean energy investment is getting back on track,” Clean Energy Council chief executive Kane Thornton said. “It’s critical that we don’t lose focus or change direction now on a strategy that is working.”
But it may still not be enough, said Frank Calabria, chief executive of Australia’s biggest power and gas retailer Origin Energy.
“It’s a very challenging target,” he said. “A lot is going to have to happen between now and then.”
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The share of electricity generated from sun, wind and water is expanding each year in Australia, now making up roughly 40 per cent of the mix. Billions of dollars are pouring into household and grid-scale renewable energy and storage assets such as batteries, while the giant coal-fired power plants that have been the backbone of the grid for decades are nearing the end of their lives and bringing forward their closure dates.
However, the clean energy rollout has been lagging the pace experts deem necessary to reach Australia’s 82 per cent target for some time, as project developers run into rising costs, lengthy approval processes, community pushback and a lack of new power lines to connect far-flung wind and solar regions to cities.
