Clean Energy Council Unveils Q2 2024 Renewable Energy Report

The Clean Energy Council (CEC) has released its quarterly report for Q2 2024, highlighting that while large-scale energy storage investment remains robust, a surge in renewable energy generation is essential for Australia’s energy security. The report underscores the ongoing commitment to energy storage but also stresses the need for increased investment in renewable generation projects.

The report reveals that new large-scale energy storage projects are spearheading investment efforts, with more than 2GWh of newly financially committed projects added in four of the last five quarters. This trend showcases the growing importance of energy storage in Australia’s transition to a sustainable energy future.

In a positive development, the capacity of financially committed renewable electricity generation projects in 2024 has already surpassed the total for 2023. With 1.6GW committed this year compared to 1.3GW last year, there is a clear upward trend in renewable energy generation investment, driven largely by commitments to new onshore wind projects.

The report highlights a significant increase in financial commitments to onshore wind energy projects, with 577MW reaching financial commitment in Q2 2024 alone. This marks a sharp contrast to 2023, where no onshore wind projects reached financial commitment, indicating renewed interest and investment in this sector.

Despite the positive trends, the report warns that an acceleration in financial commitments for generation projects is needed in the latter half of 2024. To achieve the Federal Government’s goal of 82% renewable energy generation by 2030, an annual run rate of 6–7GW of financial commitments for large-scale generation projects is required.

Kane Thornton, Chief Executive of the Clean Energy Council, emphasized the importance of sustained investment in renewable energy generation. “Strong investment in new renewable energy generation is critical to driving down power prices and ensuring energy security for Australia,” said Thornton. He expressed confidence that ongoing efforts by governments, regulators, and industry to remove investment barriers would pave the way for increased investment in the near future.

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The CEC’s Q2 2024 report serves as a reminder of the critical role that investment in renewable energy generation plays in securing Australia’s energy future. With the right focus and continued efforts, Australia is well-positioned to meet its ambitious renewable energy targets and lead the way in global sustainability initiatives.