$58 billion of clean energy investment, 42,000 jobs foregone by 2030 under Coalition plan

New analysis by Green Energy Markets on behalf of the Clean Energy Council found that almost 29 GW of new investment in large-scale solar and wind projects would be foregone under the Coalition’s nuclear plan (modelled by Frontier Economics) which caps renewable energy generation at 54 per cent, compared to the Government’s 82 per cent target by 2030.

It includes $42.6 billion (16 GW) of wind projects and $15.6 billion (13 GW) of solar projects that would be surrendered, with Australia foregoing 37,700 full-time equivalent clean energy construction jobs and 5,000 operations and maintenance jobs between 2026-2030.

A 54 per cent renewable energy cap would also result in a loss of up to $68 billion of economic activity, which will be generated for regional Australia as modelled by the Regional Australia Institute and a loss of up to $3.4 billion in landholder payments for those hosting renewable assets on their property and $696 million in direct community contributions.

Clean Energy Council Chief Executive, Kane Thornton, said: “Capping renewables at 54 per cent would not only see Australia miss out on billions of dollars of capital investment and economic growth, but thousands of jobs, including blue-collar jobs such as electricians, construction workers and truck drivers - are at risk and billions of dollars in community benefits would be left on the table”.

“The clean energy sector injected $40 billion in essential electricity infrastructure into the national economy over the past five years alone. We need all sides of politics to embrace this private-sector investment into regional Australia and the thousands of well-paid jobs this industry generates every year.

Australian power bills would also be worse off under the Coalition’s plan to cap renewables at 54 per cent, with the average annual household energy bills forecast to see an increase of $449 in 2030, according to research by Jacobs, published last month.

The latest Green Energy Markets analysis forecasts that Australia would achieve 54 per cent renewables by 2028 (54.9% in 2028), based on projects which are already financially committed or under construction today. The analysis assumes that the Government’s 82 per cent renewable energy target by 2030 would be achieved based on a combination of renewable energy generation already in operation, projects that have reached financial close, projects under construction, as well as the vast pipeline of projects with planning approval or in early-stage development.

“To deliver a successful energy transition, as our ageing coal-fired power stations retire, Australia needs 6.45 GW, on average, of new renewable energy generation to come online each year, over the next six years – that’s 29 GW of capacity in addition to the 9.8GW already under construction, for us to hit 82 per cent,” Mr Thornton said.

“As an industry we have our work cut out for us, but it is achievable if we stay the course considering we’re already almost 50 per cent of the way there. We need the right policy settings in place and both Government and industry working together to accelerate the delivery of cheap, reliable and modern clean energy that works for Australia,” he said.

ENDS

For more information or to arrange an interview, please contact: 

Liam Straughan
Clean Energy Council Media Officer
+61 409 470 683