Renewable energy has hit a milestone with $7 billion in new investment

Posted April 07, 2018 06:09:49 Renewable energies such as wind and solar are showing signs of life in Australia and are now generating a record amount of electricity, as the Coalition government tries to deliver a massive boost to the economy.

The country’s biggest energy company, Empoli, said in a statement on Monday that renewable energy investment had reached a record $7.5 billion in the first nine months of 2018, which represents about 7 per cent of its global total.

Empoli said the investment was the result of the Government’s Clean Energy Investment Plan, which has the support of all of the major players in the energy sector.

Empowering the future Empols plans for the future are based on the principles of sustainable growth, which include promoting efficiency, reducing environmental impacts and reducing the carbon footprint.

A spokesperson for Empolicy said its Clean Energy Plan was one of a range of investments that the company has made to support the transition to 100 per cent renewable energy, including a new energy transmission network, an advanced carbon capture and storage system and new fuel-efficient diesel cars.

The company said it was also looking to accelerate the introduction of hydrogen vehicles and fuel cell technology.

Emmolies chief executive officer Paul Broughton said the plan was a good start but the company would need to invest further to meet its targets.

“We have already set a target to have our own fleet of 100 hydrogen vehicles by 2020, but we need to get that to 100% in 2022,” he said.

“As the economy continues to grow we will need to do more to meet this goal.”

Renewables are a growing industry in Australia, with a growing number of major players signing up to the government’s Clean Growth Strategy.

This includes SunPower and PowerGrid, which are building a large renewable power station at the Great Barrier Reef and building a hydrogen fueling station at an existing power station in Melbourne.

EmPoli said the Government was committed to the investment and the support it would provide to the energy industry.

“This is a significant step forward and one that will have a significant impact on the energy market,” it said.