Untapped Billions: Australia’s Green Energy Boom Calls US Investors To Action

While the rest of the world debates climate action, Australia’s clean energy sector is simply getting on with it. The numbers don’t lie. Renewables now power 39.4% of Australia’s electricity grid, and it’s climbing fast. Solar leads the charge at 39.4% of generation. Not a typo – Aussies are serious about sunshine.

The federal and state governments identified 56 priority renewable projects, including 24 transmission and 32 generation/storage initiatives. The federal government isn’t just watching from the sidelines. They’ve thrown $3.2 billion over 19 years at green metals and sustainable mining. Another $1.8 billion extends the Energy Bill Relief Fund, giving households and businesses $75 off quarterly electricity bills. Politicians finally putting money where their mouths are. Shocking, right?

Last year saw 5.9 gigawatts of new renewable capacity added – up from 5 gigawatts in 2022. The rooftop solar sector alone contributed 3.1 GW from over 337,000 installations. The market’s barreling toward 84.96 billion kilowatt-hours of renewable generation this year. That’s not just growth. It’s a transformation.

Battery storage is exploding too. From 1.4 gigawatts in 2022 to 5 gigawatts under construction by the end of 2023. Investment skyrocketed from $1.9 billion to $4.9 billion in just one year. Money talks. And it’s screaming “batteries!”

The project pipeline is packed. Around 548 large-scale renewable power stations with 4.3 gigawatts – a national record – got approved in 2024. Australia is pursuing an ambitious path similar to the UK, which has seen fossil fuel contributions fall by 55% in electricity generation over the past decade.

Victoria’s leading with 32% of new capacity. Queensland and New South Wales follow at 24% and 23%. The MacIntyre and Golden Plains East wind farms alone add nearly 1.7 gigawatts to the mix.

Expect another 2.7-3.1 gigawatts to come online in 2025. Not fast enough for some, but even massive projects need at least 12 months from breaking ground to first power.

The Capacity Investment Scheme is set to turbocharge investment even further. American investors sitting this one out might as well be burning their money. Australia’s green energy boom isn’t waiting for permission. It’s already happening.