The release of the blueprint “Securing Australia’s Energy Future” by the Australian government in 2004 solidified the endemic understanding that innovation of renewable energy is imperative for the future of Australia. Acknowledgment of future uncertainty of the availability of fossil fuels has provided mass opportunity to develop renewable energy sources such as; biomass, geothermal, tidal, wind, co-firing, etc. Currently Australia`s renewable energy consumption stands just below 10%,as public and private institutions trend towards higher consumptions of hydroelectricity, wind energy and the installation of solar power systems.
Australia has a distinguishable advantage, as the country contains some of the world`s highest wind resources, whilst additionally having the highest average solar radiation per square meter compared to any other continent in the world. Australia’s capitalization of this vantage point is solidified by the government’s commitment to fulfill the Renewable Energy Target (RET), which outlines that Australia aims to provide a minimum of 20% of its` electricity from renewable sources by 2020.
As the Australian government has a clearly defined direction for the future of Australia`s renewable energy resources, public and private markets within Australia have simultaneously recognized the vast opportunity to contribute to the evolution of renewable energy sources for the future.