Renewables target is on track with 1,589 MW of new renewable generation reaching financial close last quarter

Surge in solar, wind and battery investment sets pace for 82 pct target. Can Australia keep it up?

The politics remains shaky, but strong investment in solar, wind and energy storage in the final quarter of 2024 has put Australia back on track for renewables target.

RenewEconomySophie Vorrath

The Clean Energy Council’s quarterly investment report shows that a total of seven renewable energy generation projects totalling 1,589 megawatts (MW) have reached financial close – a crucial indicator that projects are likely to proceed, having also ticked all the necessary approvals boxes and signed up contractors. The result marks the second quarter in a row where financially committed new generation projects surpassed 1 gigawatt (GW) and the first time this has happened in consecutive quarters since 2021. All of these new megawatts, megawatt-hours, gigawatts and billions of dollars bode well for the renewable energy industry and for Australia’s journey to 82 per cent renewables by 2030 – and net zero by 2050.