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To meet the federal government’s 82% renewable energy target (RET), the majority of Australia’s current coal fleet must be retired and replaced with approximately 6–7 GW of new large-scale renewable generation annually, along with several gigawatts of storage.
Nearly every major renewable energy project over the past decade has been heavily subsidised by the government (taxpayers).
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Despite these subsidies, Australia’s transition to large-scale renewable energy has slowed to a crawl.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.