Renewable energy target generates $18 billion investment

AUSTRALIA’S renewable energy target (RET) has unlocked more than $18 billion in clean energy investment since its introduction by the Federal Government in 2001, a Clean Energy Council (CEC) report has shown.
The Sinclair Knight Merz report, commissioned by the CEC, found the RET had encouraged strong investment from companies and carbon pricing between 2001 and 2012, with the original aim to have 20 per cent of Australian energy derived from renewable resources by 2020.
A recent government review found the scheme was on target and continued to be effective in promoting the development of renewable energy technologies.
CEC deputy chief executive Kane Thornton was pleased the RET legislation would remain relatively unchanged, calling the policy “a great economic success story”.
“The Federal Government has acted to lock in current and future investments in Australian clean energy and Australian jobs, by leaving the nuts and bolts of the scheme in place,” he said.
“All major political parties recognise the importance of policy stability to unlocking the massive investment opportunity in clean energy in Australia.”
Mr Thornton said the continued research and development of renewable energy would increase competition in the market and reduce the price of energy.
“This is a transition that the community wants and it’s also an insurance policy against power price spikes in the future,” he said.
“Renewable energy is getting cheaper while fossil fuel sources such as coal and gas are going up in price.
“We welcome the broad agreement that we should move towards less frequent reviews of the Renewable Energy Target, and we look forward to working with the major political parties to ensure any future reviews minimise the impact on investors and householders who are demanding more renewable energy in Australia.”

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