Matthew Warren, Chief Executive of Australia’ Clean Energy Council, said: “The RET [Renewable Energy Target] legislation will be the foundation of clean energy policy in Australia for the next decade. But our job has only just begun. We need to raise more than AU$20bn to finance new clean energy projects over the next decade to help create 28,000 new clean jobs.”

The renewables bill was passed after the government reached a deal with the main opposition party to increase assistance to industries that are heavy electricity users and to create safeguards for existing investment in the coal mining industry, writes The Guardian.

At the moment 8% of Australia’s electricity comes from renewables, including hydroelectric generators.