Renewable Energy Smashes Records in Q4 2024
Proof Environmental Investing is Alive and Well
Australia’s clean energy sector ended 2024 on a high, with the Clean Energy Council’s (CEC) Q4 2024 report 1. revealing record-breaking investments in large-scale renewable generation and storage. This isn’t just a one-off — it’s the strongest evidence yet that environmental investing is not dead and that Australia's energy future is moving in a greener direction.
Q4 2024 Sets New Highs for Renewable Investment
In Q4 2024 alone, according to the report, seven new large-scale renewable energy generation projects reached financial commitment, representing 1,598 MW of new capacity. This is the highest quarterly total since 2021 and a critical step toward Australia’s renewable energy target of 82% by 2030.
The quarter also saw $2.4 billion in financial commitments, pushing the total annual investment for 2024 to over $9 billion — the highest since 2018. This strong annual figure represents a remarkable recovery from 2023, when only $1.5 billion was invested in generation projects.
According to the report key projects include:
Goulburn River Solar Farm (585 MW) in New South Wales, making up over a third of the quarter's capacity and valued at $880 million.
Wambo Wind Farm Stages 1 & 2 (252 MW and 254 MW) in Queensland.
Carwarp Energy Park (171 MW) and Horsham Renewable Energy Park (119 MW) in Victoria.
Storage Investment Remains Strong and Steady
The investment surge wasn’t limited to generation. Energy storage continues to receive strong backing, with five storage projects (870 MW / 1,936 MWh) reaching financial commitment in Q4.
Throughout 2024, a total of 4,029 MW / 11,348 MWh of new energy storage projects were financially committed, worth at least $3.9 billion. This shows Australia’s commitment to building the storage capacity necessary to support a grid increasingly powered by intermittent renewables like wind and solar.
Among Q4 highlights was the Woolooga Battery Energy Storage System in Queensland (222 MW / 640 MWh) — a nearly three-hour storage project.
Annual Trends Reinforce the Growth Story
Looking at the broader 2024 picture:
4,346 MW of new renewable generation capacity received financial commitment — more than triple the total committed in 2023.
Storage projects also performed strongly, just shy of the record set in 2023 for total capacity and energy output.
Onshore wind, which had no new financial commitments in 2023, rebounded to contribute 2,218 MW of new capacity in 2024.
Meeting National Targets — A Sustainable Path Forward
While the Q4 results are impressive, the report is clear that Australia needs at least 1.5 GW of new renewable generation capacity every quarter to stay on track for 2030 targets. So, while Q4’s 1.6 GW is encouraging, consistency at this level or higher is required moving forward.
There are still key barriers that need addressing, including:
Planning and environmental approvals causing delays.
Transmission build and grid connection issues.
Renewable Energy Zone (REZ) planning and coordination.
These systemic challenges must be overcome to sustain the momentum seen in Q4.
Hybrid Projects and Storage Key to Future Grid Stability
The report highlights the increasing trend of hybrid projects combining generation and storage, which are crucial for grid reliability. In Q4, four of the five storage projects were hybrid, blending solar or wind with batteries.
The addition of hybrid models reflects a growing understanding that generation alone isn’t enough — storage is essential to manage peak demand and ensure stable power supply as coal exits the system.
The Bottom Line
Environmental Investing is alive and well.
For those who argue that environmental or clean energy investing is losing momentum, Q4 2024 proves otherwise. With $9 billion committed to new renewable generation projects in a single year, and record-high storage investments, it’s clear that the green energy transition is not only on track but accelerating.
Investors, developers, and policymakers are backing renewables at scale, and this commitment shows no signs of slowing.
So let’s be clear: environmental investing is not dead — it’s thriving. And as Australia builds out its renewable infrastructure to meet national targets, opportunities for growth, innovation, and long-term investment will only continue to rise.
References
1 Clean Energy Council, “Quarterly Investment Report Q4 2024”, 13 February 2025, https://cleanenergycouncil.org.au/news-resources/quarterly-investment-report-q4-2024
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