The "Renewable Energy Investment Opportunities and Abatement in Australia" study by Bloomberg New Energy Finance, commissioned by The Climate Institute and Westpac, predicts record investment globally in renewable energy for 2010.

While Australia has "excellent" clean energy resources, the report says, 82 percent of its electricity generation still comes from coal. Renewable energy is projected to generate 9 percent of the country's electricity needs in 2010.

The report ranked Australia 12th globally, in terms of capacity of installed renewable generation, currently at 3.3 gigawatts. Topping the list was the United States with 53.4 gigawatts.

It states that Australia contributes a small fraction of total global investment in clean energy -- reaching 2.4 percent of total investment in Asia and 0.8 percent of the global total in 2009.

The Bloomberg New Energy Finance report should dispel Australia's "collective hallucination that we're going to be world leaders in renewable energy," said John Connor, chief executive of The Climate Institute told The Sydney Morning Herald.

The Australian government set a target of 20 percent share of renewables in Australia's electricity mix by 2020 through the national Renewable Energy Target scheme.

The study says that Australia's RET has the potential to reduce the country's emissions by around 120 million tons over 10 years to 2020 and create thousands of jobs.

Last month Australia shelved its carbon-trading legislation and announced May 11 a $588 million fund for renewable energy.

But the report notes that renewable energy policy alone isn't enough to achieve Australia's emissions reduction targets. With electricity accounting for 35 percent of emissions, it says, reductions are necessary across the economy, not just in the power sector.

By putting a price on carbon, the report says, cleaner burning natural gas would become more competitive, displacing a larger number of high emitting and inefficient coal plants.

Without a carbon price to drive investment in clean technologies and climate solutions, the report warns, Australia will not be able to compete in the emerging global low-carbon economy and will fail to meet its national commitments to reduce emissions.

"While policy options such as the RET and energy efficiency are critical, a carbon price would be the most effective and efficient way to achieve emissions reductions as it will promote the consumption of low emitting goods and services over high emitting ones and seek out the lowest cost abatement options wherever they might occur in the economy," the report states.

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