Australia could miss clean energy target as solar and wind investment slumps, investors warn

The chief executive of the Clean Energy Investor Group, Richie Merzian, listed state planning delays, grid connection uncertainty and rising project costs among his concerns. An aerial view of Williamdale Solar Farm, 35km south of Canberra. Photograph: SUPPLIED/AAP

Renewable energy investors have warned “deep structural issues” are driving a slump in solar and wind investment in Australia, with commitments on large-scale farms at the lowest level in almost a decade.

Clean Energy Regulator data shows the government agency expects 2.5GW of industry-scale renewable energy capacity to reach a final investment decision this year, down from 4GW last year. The 12-month average for investment commitments on new developments is at its lowest since early 2017.