As a direct result of the Morrison Government’s chaotic and continuing energy policy failure, investment in new large scale renewable energy has collapsed again.
New figures from the Clean Energy Council show just three new projects have reached financial close in the last quarter – the lowest quarterly investment in dollar terms since the index started in 2017. Investment is down more than 50 per cent below the quarterly average for the 2019 calendar year.
Investment and jobs in renewable energy should be soaring in Australia, to not only bring power prices down but also to grow jobs in energy intensive manufacturing and other sectors.
Instead UTS and the Clean Energy Council project 11,000 renewable energy jobs will be lost in the next two years under this Government’s energy policy vacuum – just when the Government should be doing all it can to grow jobs.
The existing pipeline of renewable energy projects that already have planning approval would create more than 50,000 new direct jobs if only the Government would take up Labor’s offer to agree on a bipartisan energy policy that would unlock that investment.
After seven years and 19 energy policy attempts, this Government has no national energy policy and they continue an anti-renewables agenda, refusing to capitalise on the huge benefits that renewable energy can bring to Australian households and businesses.