Australia is on course to achieve its target of generating around a quarter of the country’s energy needs from renewable sources by 2020, a new report claims.
The report by Australia’s Clean Energy Regulator (CER) states there was a record level of investment in the industry last year of $4 billion. With large-scale projects seeing a five-fold increase on 2015 figures. This makes the 2020 goal of 23.5% very much possible.
Solar made up the vast percentage of new power plants in 2016, accounting for 86 of the 98 projects.
The increases puts Australia in the top ten globally for green energy initiatives, above Canada and Norway, according to CER. “If this investment momentum continues in 2017… the 2020 (renewable energy target) RET can be achieved,” CER said.