Climate Commission report underscores opportunity for renewable energy growth

26 November 2012

Today’s Generating a Renewable Australia report released by the Climate Commission highlights the important role the Renewable Energy Target is playing in supporting the growth of renewable energy across the nation said Pacific Hydro’s general manager for Australia, Mr Lane Crockett.

The company has been reiterating that policy certainty is the key driver for improving the outlook for growth in renewable energy across the country.

“The Generating a Renewable Australia report was written in response to community interest in increasing renewable energy, and what is possible,” said Mr Crockett. “The report confirms that the renewable energy resources we have are enormous so it’s up to us to take advantage of that opportunity.”

Policy in Australia that encourages renewable energy, the Renewable Energy Target (LRET), has been so successful in the past that targets were achieved ahead of schedule. There is no reason that this couldn’t happen again given the resources that exist.

“However, the ongoing review process of the LRET creates a perfect storm of policy and investor uncertainty. This must be addressed in order to underpin future growth of renewable energy.”

Pacific Hydro has recommended that the review clause in the LRET be updated so that future reviews of the target can only review the gigawatt target up.

“The community wants more renewable energy and companies like us are working towards building our future renewable energy projects, so it is now incumbent on all levels of government to remove barriers to achieving that outcome.

“Updating the review clause of the LRET legislation would ensure that ongoing reviews do not bring investment to a complete standstill,” said Mr Crockett.