Treasury modelling confirms there is no time to waste

Treasury modelling for the Government's Carbon Pollution Reduction Scheme (CPRS) released today has been welcomed by leading Australian renewable energy company Pacific Hydro.

"Today's Treasury modelling confirms that acting now to begin addressing climate change is essential if we are to protect Australia's growth and economic prosperity", said Pacific Hydro General Manager Australia/Pacific, Lane Crockett.

"Additionally, it demonstrates the critical role the Expanded National Renewable Energy Target (RET) has in reducing risk to the economy if new technologies fail to deliver after 2020."

Australia's renewable energy resources are well known and highly regarded around the world and the RET policy will ensure that a broad range of technologies are brought into the market sooner and in greater volumes than would be delivered under a CPRS alone.

The government commitment to implement a 20 per cent renewable energy target by 2020 is expected to deliver $20 billion of investment in Australia, creating tens of thousands of new jobs and enabling the industry's growth and development in Australia.

"Pacific Hydro has $2 billion worth of wind energy projects ready to be deployed immediately", added Mr Crockett. "Our projects can make an immediate impact on emission reductions while supporting local employment in communities who are feeling the worst impacts of climate change."

Adding, "Also identified in the modelling is that the RET is complementary to the CPRS and importantly doesn't impact Australia's economic growth and stability."

"Now that the RET's critical role in addressing climate change and reducing risk to the Australian economy has been released there is no reason to further delay the introduction of this legislation and we call on the Federal Government to act now and implement the 20% RET by 2020 to ensure new clean energy projects can be delivered as quickly as possible."