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Australia is once again on track to achieve its target of 82% renewable electricity generation by 2030, based on recent firm investment commitments, according to a new assessment.
More than 1.4GW of new large-scale renewable energy generation projects were committed in the third quarter of 2024, alongside 1,235MW/3,862 MWh of energy storage (that’s double the amount from the same period a year before), per the Clean Energy Council, an industry body.
Those are the best figures in two years and indicate that conditions in the sector are improving following the post-pandemic surge in inflation and interest rates, the association says.
“This is terrific news for energy consumers across the country, who will benefit from the next generation of power plants coming online, putting downward pressure on electricity prices,” says Clean Energy Council chief executive Kane Thornton, adding that the 82% renewable power target is back in reach.
“The increasing activity indicates that the challenging economic conditions are beginning to ease and the hard work by government agencies and industry to address a wide range of legacy issues across our grid, planning and institutional settings, are starting to bear fruit… There is a lot more work still to be done, but the signs are encouraging.”
Australia currently gets around 40% of its annual electricity requirements from renewables, and that share is expected to climb to almost 50% by the end of next year, based on projects already under construction, according to the council.
The country’s rooftop solar boom has helped move things along, with modules installed on homes and businesses now supplying 12% of Australia’s electricity needs, data from the grid operator shows. Power purchase agreements between corporates and energy suppliers have also helped.
But to hit the 2030 target, state procurement will need to play a critical role. The federal government will launch its biggest-ever tender for battery storage in mid-November — it’s seeking to procure around 4GW/16GWh of storage for six states and territories.
“More storage means a more reliable, stable and flexible electricity system,” Thornton says.
Meanwhile, the wind energy segment has recovered, with 1.8GW of new onshore capacity committed in the first nine months of 2024, according to the Clean Energy Council. And solar installations are likely to comfortably exceed Australia’s own 2030 targets, the International Energy Agency says.
The state of South Australia is a global leader in the energy transition, and plans to generate enough renewable energy to cover all of its annual electricity needs from 2027.
