Renewable Energy Ramp-Up

Policy & investment settings to secure the clean energy we need

Australia has set an ambitious course to become a renewable energy superpower, backed by the Capacity Investment Scheme (CIS), the Future Made in Australia (FMIA) Act, and public investment through ARENA, the CEFC, and the National Reconstruction Fund (NRF).

But the build rate is too slow: about 6.3 GW of renewables deployed per year since the CIS began, against the 15.5 GW AEMO says is needed to reach 82% renewables by 2030. Closing that gap needs government leadership to remove bottlenecks and send clear market signals. With 45 GW of solar and 42 GW of wind in the pipeline, unlocking these projects would deliver a $44 billion investment boost.

Members of Climate Capital Forum formed a delegation to Canberra in October, focused on four practical proposals:

• Set firm exit dates for remaining coal plants: Link build-out targets to each closure, giving investors certainty.
• Establish a Commonwealth-backed Clean Power Intermediary: Strike andaggregate PPAs to move approved projects into construction.
• Obligate data centres to commission more new renewable energy than they require: Legislate bring-your-own-power rules at 110% of requirements.
• Reform Your Future, Your Super: Unlock super capital with a transition infrastructure benchmark.

Together, these measures point every policy lever the same way, so each public dollar draws in as much private capital as possible.

While Australia is acting on a number of fronts to drive clean energy forward, there are additional measures that are needed to unleash renewable investment at a scale required to realise the government’s reindustrialisation vision. Ramping up renewable energy will provide long-term energy security nd drive down electricity costs for industry and consumers.

Read our full brief and recommendations

Climate Capital Forum delegates meeting MPs from across the political spectrum: