Senate votes to step backwards on climate change action

"A lost opportunity for Australia and extremely disappointing", was how Pacific Hydro General Manager, Australia/Pacific, Mr Lane Crockett responded following the announcement that the Carbon Pollution Reduction Scheme (CPRS) was rejected by the Senate today.

"Putting a price on carbon is critical if Australia is to begin the transformation to a lower emission economy. After a decade of debate we cannot afford these ongoing delays."

Despite being an Australian owned renewable energy company, Pacific Hydro's investment in recent years has been focused on overseas markets due to the lack of policy in Australia.

"Without polices in place in Australia to price carbon and encourage investment in zero emissions energy, investment will continue to go offshore."

"We know policies such as emissions trading schemes work as the European Emissions Trading Scheme has been the key driver of our significant investments, valued at around AUD$2 billion, in Latin America", added Mr Crockett.

But its investment in Australia in the short term will be driven by the Renewable Energy Target (RET).

"If we want billions of dollars of investment, thousands of new jobs and new renewable energy projects built, the Senate must vote to decouple the RET from the CPRS and pass it without further delay", said Mr Crockett.

"This policy will immediately begin to stabilise emissions from the energy sector once implemented but new investment is waiting for the RET to be legislated."

An estimated $25 billion of clean energy investments are on hold waiting for the RET legislation to pass.