• 14 hours U.S. Oil Production To Increase in November As Rig Count Falls
  • 16 hours Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 18 hours Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 20 hours EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 22 hours Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 23 hours Aramco Says No Plans To Shelve IPO
  • 3 days Trump Passes Iran Nuclear Deal Back to Congress
  • 4 days Texas Shutters More Coal-Fired Plants
  • 4 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 4 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 4 days Chevron Quits Australian Deepwater Oil Exploration
  • 4 days Europe Braces For End Of Iran Nuclear Deal
  • 4 days Renewable Energy Startup Powering Native American Protest Camp
  • 5 days Husky Energy Set To Restart Pipeline
  • 5 days Russia, Morocco Sign String Of Energy And Military Deals
  • 5 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 5 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 5 days India Needs Help To Boost Oil Production
  • 5 days Shell Buys One Of Europe’s Largest EV Charging Networks
  • 5 days Oil Throwback: BP Is Bringing Back The Amoco Brand
  • 5 days Libyan Oil Output Covers 25% Of 2017 Budget Needs
  • 5 days District Judge Rules Dakota Access Can Continue Operating
  • 6 days Surprise Oil Inventory Build Shocks Markets
  • 6 days France’s Biggest Listed Bank To Stop Funding Shale, Oil Sands Projects
  • 6 days Syria’s Kurds Aim To Control Oil-Rich Areas
  • 6 days Chinese Teapots Create $5B JV To Compete With State Firms
  • 6 days Oil M&A Deals Set To Rise
  • 6 days South Sudan Tightens Oil Industry Security
  • 7 days Over 1 Million Bpd Remain Offline In Gulf Of Mexico
  • 7 days Turkmenistan To Spend $93-Billion On Oil And Gas Sector
  • 7 days Indian Hydrocarbon Projects Get $300 Billion Boost Over 10 Years
  • 7 days Record U.S. Crude Exports Squeeze North Sea Oil
  • 7 days Iraq Aims To Reopen Kirkuk-Turkey Oil Pipeline Bypassing Kurdistan
  • 7 days Supply Crunch To Lead To Oil Price Spike By 2020s, Expert Says
  • 7 days Saudi Arabia Ups November Oil Exports To 7-Million Bpd
  • 7 days Niger Delta State Looks To Break Free From Oil
  • 7 days Brazilian Conglomerate To Expand Into Renewables
  • 8 days Kurdish Independence Could Spark Civil War
  • 8 days Chevron, Total Waiting In The Wings As Shell Mulls Majnoon Exit
  • 8 days The Capital Of Coal Is Looking For Other Options
Alt Text

Richard Branson To Invest In Elon Musk’s Hyperloop One

Britain’s Virgin Group boss has…

Alt Text

Russia To Become A Leader In Energy Storage

Russia, normally a hub of…

Alt Text

Who’s Winning The Electric Vehicle Race?

Automakers and suppliers of automotive…

Charlotte Dudley

Charlotte Dudley

Charlotte is a writer for Environmental Finance.Environmental Finance is the leading global publication covering the ever-increasing impact of environmental issues on the lending, insurance, investment…

More Info

Australia to Invest $39 Billion in Alternative energy Over the Coming Decade

Australia is targeting 20% clean energy by 2020, according to Bloomberg New Energy Finance (BNEF), which would put investments in renewable energy at US$39 billion over the coming decade.

BNEF research forecasts almost A$28 billion will be spent on utility-scale renewable power projects while a further A$8 billion will be invested by householders and businesses in small-scale solar installations. Investment is expected to peak in 2017 with more than A$5 billion spent on wind and solar developments in that year, BNEF said.

“We forecast that strong levels of investment will continue thanks to the national targets and the rapidly falling costs of clean energy,” said Seb Henbest, head of BNEF’s research team in Sydney.

Under Australia’s target for 20% renewable energy production by 2020, electricity retailers will need to surrender renewable energy certificates created from both large- and small-scale renewable energy technologies. However, large-scale projects are expected to deliver the majority of the 2020 target.

Assuming the target is met, BNEF predicted renewable energy capacity will exceed 20GW by 2020, with 11.9GW of wind energy, 4.3GW of large-scale solar photovoltaic (PV) energy, 1GW of thermal solar and 3.3GW of small-scale rooftop solar PV capacity.

Last month, the Australian government approved construction of a 44MW solar thermal project at electricity generator CS Energy’s Kogan Creek coal-fired power station in south-east Queensland. The A$104 million project, scheduled to become operational in 2013, is described by Queensland government-owned CS Energy as the largest solar project in the southern hemisphere.

By. Charlotte Dudley

Source: Environmental Finance




Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News