New data from the Australian Bureau of Statistics (ABS) has revealed that investment in renewable energy has increased by nearly $5 billion, and now represents 33.4 per cent of all power generated.
First published in an ABS article, titled Value of Renewable Energy Construction, the ’experimental estimates’ indicate an increase in the level of investment in renewable generation and storage technology.
In the 2016-17 financial year, the value of work done on renewable projects was $865.9m compared to $5.51b in 2021-22.
Image: Quarterly figures demonstrate marked growth in new project values. Photo: ABS.
While the total power generated remained at a similar level over this period, generation from renewable sources has more than doubled. In 2016-17 energy generated from a renewable source accounted for 16 per cent of all power generated, compared to 33.4 per cent in 2021-22.
Investment in renewable generation has been impacted by various factors over the period highlighted. These include a changing regulatory environment, access to finance, grid capacity constraints and the COVID pandemic.
The estimated pipeline of ‘work yet to be done’ on renewable projects that have commenced sits at $8 billion at the end of the June quarter 2022.