Many industries will regard 2020 as a year to forget, but in the face of extreme adversity, the renewable energy sector managed to thrive.
The year opened with horrendous bushfires that ravaged the country and then felt the bite of the COVID-19 global pandemic, which forced widespread closures, lockdowns and restrictions to prevent the spread.
MinterEllison and Acuris’ 2021 Australian Renewables Report1 explored the impact of COVID on green industries, and found plenty of encouraging signs that they had not only survived, but are set to thrive. Some of the findings included:
Nearly two-thirds of all businesses plan to invest more in green energy in the next two years. Another 20 per cent plan to keep their investment the same, which means very few businesses plan to reduce their spending on green energy.
Domestic businesses are set to lead the way, with over 80 per cent saying they will increase their investment in the sector.
Solar, wind and batteries are being viewed as low-risk investments that are essential in the years ahead.
The struggling mining industry can recover by using renewable energy to power its operations.