Tasmania came in second place due to its commitment to hydrogen and renewable fuels, while third went to Queensland for its increased renewable energy targets of reaching 70 per cent by 2032. Australia as a whole had a score of 59, an increase of 26 points from last year’s report. Behind its significant jump was the federal government’s increased investment in the renewable sector, including a $40 billion injection announced in the budget.

The report notes that despite the progress, there is still much work to be done. Clean Energy Investor Group chief executive Simon Corbell said better policies and greater stability were needed to create more opportunities for investors and give them confidence in the market.

“With the right policy settings, Australia could be well positioned to capture the opportunity to increase our export income through renewable-powered materials, products and services,” he noted in the report.

“New clean energy projects face barriers obtaining access to the grid, and ongoing risks from grid congestion. These obstacles delay investment decisions and increase costs for consumers.”

O’Gorman said Australia could redefine its role in the world to become a renewable energy exporter and leader in climate solutions. To do so would involve an improvement in the country’s circular economy and working supply chains.

“Australia has the knowledge, technology and connectivity to design and drive this revolution, with renewables at the forefront,” he said.

“To fully harness the huge opportunity we have, we must leverage our current momentum, demonstrate smart and ambitious policy, and drive progress, implementing solutions at speed and scale with communities and nature at the core.”

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