Aust renewable investment at 13-year low

Investment in wind energy has ground to a halt because of uncertainty over the renewable energy target (RET), experts say.

Large-scale renewable energy investment in Australia has also hit a 13-year low, according to a report by Bloomberg New Energy Finance.

In 2014, investment fell 88 per cent to $240 million compared to $2 billion in 2013.

The Abbott government says the uncertainty stems from the RET not operating as intended.

But Australian Wind Association national co-ordinator Andrew Bray says the blame lies solely with the government's decision to back away from the target.

"The government-sponsored review has caused the uncertainty that simply means that financiers won't get behind new wind farms," Mr Bray told AAP.

He wants the existing RET retained, and said the government should restore its support to end the uncertainty.

"Without policy, we certainly won't see Australia embrace these important technologies," Mr Bray also said.

As a result of the decrease, Australia has fallen from 11th to 39th place on a global ranking of investment in large-scale renewable energy.

A spokesman for Industry Minister Ian MacFarlane said uncertainty has existed for a number of years, with many in the renewable sector privately acknowledging the RET was not sustainable, or achievable.

"That's why this government is determined to fix the problems that are hindering investment, to ensure renewables can be a sustainable part of Australia's energy mix," he said.

"A recalibrated RET will better reflect market realities, which will in turn create a more stable environment for long-term investments."

Shadow Environment Minister Anthony Albanese said uncertainty over the RET had cost thousands of jobs and left projects in limbo.

"Tony Abbott has cost this industry $2.5 billion and has robbed Australian businesses of their share of international investment which is going offshore," he said in a statement.

Mr Albanese said the government should immediately recommit to the RET, and recognise the opportunities the renewable energy industry held for the Australian economy.