Prepared by global law firm Herbert Smith Freehills, a report released on Thursday found a growing backlog of renewable energy projects, a doubling in project referrals and a blowout in final approval timelines.
A further 19 projects across NSW, Queensland, Victoria and South Australia were announced this week under the first tranche of a national capacity scheme, with most aiming to come online by 2028.Â
There's a growing backlog of renewable energy projects in Australia. (Mick Tsikas/AAP PHOTOS)
"The government's 82 per cent renewable electricity target is at significant risk unless these issues are resolved," Clean Energy Investor Group chief executive Richie Merzian said.
National environmental standards, holistic assessments for renewable energy zones and recognition of the "net-positive" emissions impact of renewable energy projects as replacements for coal-fired power were among the recommended legislative changes.
The report released by the group also proposes several "quick wins" within the existing Environment Protection and Biodiversity Conservation Act framework to make processes more efficient, reduce delays, and provide clarity for investors.
Green tape is choking investment in renewable energy projects the nations needs. (Mick Tsikas/AAP PHOTOS)
These include eliminating duplication in state and federal assessments, more funding to the federal department to speed up assessments, and updating offset policies.
Standardised environmental conditions, which were a centrepiece of the Samuel review to reverse the trajectory of environmental decline, would also improve predictability and transparency for investors, the report found.
"The EPBC Act is crucial for environmental protection, and it must also reflect the urgency of Australia's clean energy transformation," Mr Merzian said.
"Inconsistent and inefficient regulatory processes are hindering the billions of dollars of investment needed for Australia's clean energy transition," he said.
The group represents renewable energy developers and investors with a project pipeline estimated at more than 46 gigawatts across Australia.
Mr Merzian said it was a major concern for investors that the majority of renewable projects referred three years ago still did not have a final decision.
"This hampers investment, it risks further increases in the cost of capital and is detrimental to Australia's net-zero transition," he said.
25°C