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CARLTON, Victoria, AU, October 19, 2005
(Refocus Weekly)
The renewable energy sector in Australia will
have a “significant stalling” of future investment, according to the
Australian Business Council for Sustainable Energy.
The capacity of the domestic industry to deliver “substantial”
green power projects are in place if there are the correct policy
frameworks, confirms the ‘REC Report 2005' which examines the
country’s Mandatory Renewable Energy Target. The program has been
“extraordinarily successful” in developing new electricity
generation projects in Australia.
However, future investment will stall due to the fact that the MRET
target is to source 9,500 GWh from renewables by 2010, but BCSE says
that target has only 150 MW of grid connected projects left. As of
the end of last year, there were 712 MW of green power projects
under various stages of construction in the country.
“MRET has been hugely successful in spurring investment in renewable
energy projects,” says Ric Brazzale of BCSE. “The scheme was
designed to stagger renewable energy targets in order to allow the
industry to gear up its capacity and investment.”
“Little new generation needs to be committed if Australia is to meet
its modest 9,500 GWh target,” he adds. “The flipside to meeting the
2010 target in 2005 will be an inevitable downturn in future
renewable energy investment in Australia and a possible stranding of
industry capability, skills and IP.”
“Renewable energy is a proven source of clean electricity and will
play an essential role in reducing Australia's GHG emissions,” he
says. “Without future market mechanisms to encourage continued
investment in renewables, or other low emission energy for that
matter, reducing Australia's greenhouse emissions from stationary
energy will be extraordinarily difficult.”
The Australian Bureau of Agriculture & Resource Economics predicts
that GHG emissions by 2010 from stationary energy will be 61% higher
than 1990 levels and, by 2020, they will be 116% higher.
“It is imperative Australia takes action to curb its emissions from
stationary energy sources,” says Brazzale.
Hydroelectric facilities held 40% of the market share of RECs last
year, the BCSE report shows, with solar water heaters at 20%, wind
at 13%, bagasse at 11% and landfill gas at 8%. By 2020, wind will
hold 31% of RECs followed by hydro at 27%, solar water heaters at
16%, bagasse at 13%, landfill gas at 6%, other bioenergy at 5%, and
small PV and wind units at 2%.
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