Supply chain delays from China and the soaring cost of steel and other materials are combining to slow the advance of renewable energy in Australia and elsewhere, a leading insurer and industry groups say.
The cost of steel for wind turbine blades had risen by 50% or more since the Covid pandemic’s start, even before Russia’s invasion of Ukraine prompted a scramble to accelerate the switch away from coal, oil and gas to clean energy alternatives, according to GCube, a global insurer of renewables that has recently opened its first Australian office in Sydney.
