Investment confidence in Australia’s renewable energy sector has significantly improved following the legislation of the revised Large-scale Renewable Energy Target (LRET) in mid- 2015, a new Prime Minister that is more supportive of renewable energy and a strong outcome at the Paris climate change conference.

The level and pace of investment will need to increase substantially in 2016 and 2017 in order for liable parties to deliver on the 2020 legislated target and obligation. The Clean Energy Regulator estimates that for this to happen, around 3000 MW of new renewable capacity should be committed in 2016.

This paper outlines the status of progress towards delivering on the 2020 target of 33,000 GWh of new large-scale renewable energy generation. While there will be challenges, this paper finds that there is reason to be optimistic that the required new investment will be delivered within the required timeframe.