Renewable energy sector on decline

Renewable energy sector on decline

The renewable energy sector is very promising in terms of reducing the climate change but the unattractiveness of the sector to the investors has halted its development in the country of Australia. The Bloomberg New Energy Finance has reported that only one renewable energy project in the country has managed to secure the finance in last six months. The political uncertainty in Australia has also contributed to this.

The project of solar photovoltaic plant in the Jamestown, located at Southern Australia is being built by Infratech Industries. The December Quarter did not offer any investment to the project, which required the investment of $6.6 million. The giant renewable energy sector in the country has become uncomfortable for the investors. The sector attracted the investment of $206.9 million in the month of March, 90 percent lesser than last 12 months, according to the data released by the consultancy firm.

Policy uncertainty from last 13 month has resulted into this poor situation in the sector. The Abbot government in the Australia released its Renewable Energy Target review last year in the February and the report has created panic among the investors and led to the state of confusion among the industry.

The pressure is still hanging on the head of the Abbott government to cut short the clean energy target around 20 percent of the set target for the 2020. The industry lobby, business houses and the Labor party has suggested stabilizing the number at 33,500 gW-hours but the government plans to go ahead with reduction of more than 32,000 gigawatt-hours a year by the end of this decade.

 

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