Australia greatly increased the investment in clean energy to a four-year high in the fourth quarter of 2022, Reuters reported.
Yet, it may be not enough to enable the largest mining country to achieve the target for 2030.
A report from clean energy council showed Australia injected A$4.3 billion or US$2.8 billion to renewable power generation and energy storage projects in the fourth quarter of 2022, driving the annual investment up 17% from a year ago to A$6.2 billion.
The report also said Australia's deployment in new wind and solar power is still lagging behind, which could hamper the government's ambitious renewable energy blueprint.
The country is targeting to increase the share of renewable energy in power grids from the current 30% to 82% by 2030.
"While the growth is impressive at present, it is not indicative of the future trend," Reuters quoted Kane Thornton, the council's chief executive, as saying.
Australia's energy market operator warned last month that Eastern Australia could experience power cuts by the middle of the century given renewable energy projects are not accelerated along with the retirement of coal plants.
The Australian government has pledged to cut carbon emissions by 43% by 2030 and achieve net zero emissions by 2050. To this end, Australia has to unveil more policies and measures to boost clean energy investment, Mr. Thornton said.
(Writing by Shengnan Liu Editing by Harry Huo)
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