Australia’s growing investment in renewable energy still leaves the country lagging behind the rest of the world, according to a new Climate Institute study. It also found that Australia will fail to achieve its emissions reduction commitments if it relies solely on the “20 percent by 2020″ renewable energy target.

Based on that target, the study found, only 23 million tonnes of greenhouse gas emissions annually could be curbed, or one-eighth of the 195 million tonnes needed to achieve its 5 percent emissions reduction target.

The study, by Bloomberg New Energy Finance, projected global investment in renewable energy plant would reach a new record of $US154 billion ($185 billion) in 2010, up 26 percent on last year.

Asian investment in renewable energy outpaced the Americas for the first time in 2009: In the first quarter of 2010, China’s investments alone totalled $US6.5 billion, outpacing the United States with $US3.5 billion.

Australia invested a record $US1.02 billion, although that represents less than 1 percent of total global investment in renewables.

Climate Institute head John Connor told The Age that the report should dispel Australia’s “collective hallucination that we’re going to be world leaders in renewable energy.”