Australia is on target to meet its 2020 renewable energy target and can meet the ambitious mark of 50 per cent by 2030 if proposed projects go ahead, a report has found.

November’s Renewable Energy Index report, produced by Green Energy Markets and left-wing lobbyists GetUp, finds there is almost 40,000 gigawatt hours a year worth of supply operating, under construction or under contract.

That’s well above the government’s 2020 target of 30,000 GWh.

If renewable projects under development are added, energy production could soar to 146,000 GWh a year by 2030 which would equate to 50 per cent of Australia’s needs.

GetUp argues the government’s new energy policy will put the brakes on investment in renewable energy by providing no incentives for investors to lock in those projects.

But the government believes its national energy guarantee will allow Australia to meet its international commitments on reducing emissions while ensuring reliability in the grid.

The report also found that more than 18,000 solar rooftop systems were installed in November which will produce power equal to the consumption of upwards of 31,000 homes.

That breaks the record set in June 2012 when subsidies were higher.