BREE report confirms renewables are here to stay
15 November 2012
The Bureau of Research and Energy Economics report released today Major Electricity Generation Projects November 2012 reaffirms the important role that renewable energy will play in the coming decade, said leading Australian renewable energy company Pacific Hydro.
“As fossil fuels become more expensive, renewable energy is becoming cheaper so it makes sense that Australia’s future must include a major focus on renewable energy,” said general manager for Australia, Mr Lane Crockett.
“Australia has an opportunity to harness its enormous renewable energy potential including wind, solar, geothermal and wave energy. Consistent policy that does not undermine certainty for investors is the key to unlocking that potential,” added Mr Crockett.
The Climate Change Authority (CCA), which is undertaking a review of the Renewable Energy target (RET), released its draft recommendations recently which recognised policy certainty as critical to the industry.
“Importantly the RET is not just about increasing renewable energy generation but also about building skills in a 21st Century industry, supporting local manufacturing and job opportunities.”
Pacific Hydro is known for preferring local manufacturing and jobs for its projects wherever possible.
“We see it as critical that the industry use this time to develop skills across the nation, so we must look at how we support local manufacturing and jobs while protecting important trade relations.”
Internationally, investment in renewable energy continues to grow strongly with many nations around the world looking at ways to encourage cleaner energy generation.
Australia’s 41,000GWh, 20% by 2020 RET, is not considered to be an ambitious goal by international standards. Already South Australia has an average of more than 20% renewable energy generation which has lowered wholesale energy process and reduced emissions intensity in the state.