SYDNEY - Investment in major renewable energy projects in Australia bounced back in the first quarter from the lows of last year, but that has to ramp up even further to hit a key 2030 clean energy target, a report by an industry body said on Friday.


A total A$1.1 billion ($733.5 million) was invested in large-scale renewable energy projects in the first quarter of 2024, boosting the 12-month quarterly average investment by 73% to A$659 million, the Clean Energy Council said in a quarterly report.

Five projects with a combined 895 megawatts capacity received financial commitments during the quarter.

However, the report said the country needs investments in 6-7 gigawatts of capacity each year between now and 2030 to meet the government's renewables target.


Australia's centre-left government is targeting 82% of power supply to come from renewables by 2030, but remains well short of the target, at 40% now, even after pledging to underwrite new wind, solar and battery projects with more than A$40 billion.

Meeting the renewables target will also be key to meeting the government's Paris Climate Accord commitment to cutting carbon emissions by 43% from 2005 levels by 2030.


"These results are an encouraging sign that Australia's clean energy transformation is moving in a positive direction and on the road to recovery," Clean Energy Council Chief Executive Kane Thornton said in a statement.

"Landmark commitments made by the federal government in recent months have been designed to build certainty for renewable energy investors, which we expect will drive a resurgence for the large-scale generation we need."

($1 = 1.4997 Australian dollars)

(Reporting by Renju Jose in Sydney; Editing by Sonali Paul)