The RET review has been going on for a year in February! That’s a year worth of uncertainty and at least two reviews. New analysis shows investment for 2014 was down 88% – the worst level experienced in over a decade.

New analysis from Bloomberg New Energy Finance (BNEF) has shown that Australia has failed to secure investment in large scale renewable energy projects such as wind farms and utility scale solar projects. It also means that we have missed out the clean energy production, local permanent jobs as well as construction jobs. Instead, renewable energy businesses are downsizing and even closing and many in the industry have already lost their jobs (with many more casualties to come if the situation is not resolved asap!)

“Australia’s renewable energy investment is now lagging behind countries such as Panama, Honduras and Myanmar,” said Clean Energy Council Chief Executive Kane Thornton.

“And this comes at a time when the rest of the world is massively ramping up its investment in cleaner forms of energy.”

“Despite the review of the RET showing that the policy was working effectively and that costs for consumers would be higher if the target was reduced, the Federal Government appears determined to break its pre-election promise and push ahead with plans to radically slash the level of the target.” Mr Thornton said.

“This is spooking international investors who were attracted to Australia because of our world class wind, solar, hydro and bioenergy resources, and a strong renewable energy policy which had enjoyed bipartisan support for the past decade – including the lead-up to the last Federal Election.”

“The renewable energy industry has the potential to make a big contribution in terms of jobs and investment, but this can only occur when the government resolves the current review and supports a strong target for the future of the industry,” he said.