New report shows steadier pulse in renewables recovery

Wind turbine with solar panels against beautiful sunny orange sky (renewables tender)
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A new Clean Energy Council report reveals that Q1 2024 showed positive signs of a recovery and the best quarter for financial commitments for large-scale renewables generation since the end of 2022.

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It also showed another very strong quarter of new financial commitments for large-scale energy storage projects.

The Renewable Projects Quarterly Report for Q1 2024 found:

  • Large-scale renewable generation projects have continued to bounce back from the lows of 2023, with five projects totalling 895MW of capacity reaching financial commitment during Q1 2024.
  • Q1 2024 was the fourth consecutive quarter in which energy storage projects secured financial investment commitments over $1 billion.
  • Investment levels in generation projects will need to increase further with financial commitments of at least 6-7GW of new large-scale generation projects needed in 2024 (and successive years) to meet the Federal Government’s target of 82% renewables by 2030.

“These results are an encouraging sign that Australia’s clean energy transformation is moving in a positive direction and on the road to recovery,” Clean Energy Council CEO Kane Thornton said.

“Landmark commitments made by the Federal Government in recent months have been designed to build certainty for renewable energy investors, which we expect will drive a resurgence for the large-scale generation we need.

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“Investment in large-scale storage continues to be very strong, following a record year in 2023. It is abundantly clear that renewables firmed by storage are the future of Australia’s energy system and investors have a strong appetite for new energy storage projects.”

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