Overview

In May this year the United Nations Environment Program* reviewed global energy investment. It found for the first time in modern history that investment in clean energy technologies had passed investment in conventional energy. Around US$190 billion**of new clean energy generation was deployed around the world last year.

* Source: Global Trend in Sustainable Energy Investment Report 2009, UNEP  ** Figure includes large hydro

Australia is blessed with abundant clean energy resources from a wide range of sources: the constant winds of the Roaring Forties, abundant sunshine,  geothermal resources, bioenergy, ocean and wave energies. Currently around 6 per cent of Australia’s electricity energy comes from renewable sources. Australia is already well advanced to reach and surpass its 20 per cent renewable energy target by 2020.  Source: Clean Energy Council Renewable Energy Database

The expanded  Renewable Energy Target (RET) passed by federal parliament in August 2009 is expected to unleash more than $20 billion of investment in renewable energy technologies, and alongside the government’s energy efficiency strategy, create 28,000 new jobs. Source: Access Economics, the net employment impacts of climate change policies, June 2009