Australia Sees Biggest Jump in Planned Large Renewable Projects
(Bloomberg) -- The amount of large-scale renewables projects classified as “probable” in Australia rose the most in records going back a decade, as the country pushes forward with ambitious plans to reduce emissions and hit green targets.
These types of projects rose about a third to 32.3 gigawatts in the week ending May 29, according to data compiled by Australia’s clean energy regulator. That takes the total large-scale renewables pipeline up to almost 70 gigawatts, or more than triple the capacity of the coal plants that have historically generated most of the nation’s power.
The increase comes after Australia’s government in May approved about 10 gigawatts of wind and solar projects, as well as battery facilities, as part of public tenders.
Australia has become a bellwether for the energy transition, as it seeks to replace its rapidly aging fleet of coal power stations and meet a goal of renewables achieving 82% of total generation by 2030. That compares with 46.5% in the main grid in the first quarter, a record for the period despite unprecedented demand, according to the market operator.
Still, there is no guarantee that these proposed solar and wind facilities will ultimately come to fruition, while the gap between probable developments and accredited or committed projects continues to widen. Among the biggest hurdles facing new projects are transmission infrastructure delays and lengthy planning and permitting processes.
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