Australia's Investment In Large-scale Renewable Energy Falls 90%

(RTTNews) - There was a 90 percent decline in investment in large-scale renewable energy in Australia during the 12-month period ended March 31, Bloomberg New Energy Finance or BNEF reported. The country's investment for the 12-month period was only $206.9 million. Further, there was only one large project worth $6.6 million in the first quarter.

The report attributed the drop in investment to policy change and said the large-scale clean energy industry has become practically uninvestable due to ongoing uncertainty.

According to the Australian Bureau of Statistics, there was a loss of 2300 jobs in the renewable energy segment. Companies such as Banco Santander has left Australian market.