New figures from Bloomberg New Energy Finance (BNEF) show a 70% slump in large scale renewable energy projects in Australia making the country fall behind that of Algeria, Thailand and Myanmar.

It has been widely published that the renewable energy target (RET) review has caused havoc and uncertainty in the sector but just how bad is it you ask? BAD! Even though no decision has been made, figures are already showing dramatic declines in investment and if the government don’t make the right decision regarding the review, it may never get better. Here is a snap shot of how it has affected us so far…

Australia’s investment in new large-scale clean energy projects for the year to date is $238 million. To put that into perspective, Canada’s year to date investment total is US$3.1 billion. The drop in investments has also caused a drop in ranking – Australia used to be the 11th largest clean energy investor and in 2014 Australia ranks number 31.

Kobad Bhavnagri, an analyst at Bloomberg New Energy Finance said, “The government’s position has caused this. “I think the government has backed itself into a corner because the Warburton review lacks credibility.” “I don’t think it’s in Labor’s interest to agree to any changes to the target.”

Research from many different parties have found that NSW will most likely be the hardest hit if the RET is abolished with $4.24 billion in investments at risk and 4 410 jobs.

“NSW will be the hardest hit if the RET is dumped, with huge negative implications for jobs growth, power prices and the environment,” said Greens senator Lee Rhiannon.

Once again, Australia is going against the grain with the rest of the world showing increasing clean energy investment up 16% from last year. Chinese solar investment has sky rocketed to new records of $12.2 billion in the third quarter of this year up from $7.5 billion in the third quarter of 2013.