Fears for renewable investment in Australia

The renewable power generation sector in Australia fears a massive A$4bn loss in investment should the coalition win next month’s federal election.

According to the Australian newspaper there are fears among the green lobby that private funding would be sucked away from Australia’s solar power and renewable energy industries over the next three years if the Coalition wins government.

Tony Abbott
The newspaper cited confidential data obtained from banks and financial analysts to back up its contention.

The Coalition’s climate change plan is also $4 billion short of the funding required to meet its promised 5 per cent cut in greenhouse emissions by 2020, and is on track for a 9 per cent increase by that date, according to analysis commissioned by The Climate Institute, an independent think tank.

Big investors are planning for the impact if opposition leader Tony Abbott axes the carbon price and dismantles the clean energy finance system.

They expect that about $4.1 billion in private funding would be funnelled away from large-scale renewable power, starving the sector of capital due to regulatory uncertainty and a lack of returns, according to sources in the carbon finance sector.

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