Garnaut says we must act today – Renewable Energy Targets will deliver

The draft Garnaut Climate Change Review handed down today provides a clear picture of the significant action Australia must take if it is to manage risk associated with climate change.

"An Emissions Trading Scheme (ETS) as the centrepiece for Australia's response to curb carbon emissions is vital but the role of the Expanded National Renewable Energy Target (RET), which begin investment flowing into clean energy technologies today and build long-term industry capacity is a critical complimentary measure", said Pacific Hydro CEO, Rob Grant.

"Without the RET, the price under an ETS will have to be a lot higher to change investment patterns in the stationary energy sector. Therefore the RET is crucial to achieving an immediate measurable impact on carbon emissions."

The role of wind energy in supporting regional communities by increasing jobs growth and investment in areas feeling the greatest impacts of climate change should not be overlooked.

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

Australia's wind energy potential is enormous and while wind energy will be one of many new technologies that will compete under renewable energy targets, it will be an important part of the mix. The critical role renewable energy will play has been recognised by the Federal Government with the release this week of the COAG Climate Change and Water National Expanded RET options paper.

"The Federal Government's commitment to increase renewable energy to 20 per cent by 2020 will ensure renewable energy will be an essential part of Australia's energy future, enable immediate investment in the energy sector and enable the ETS to start more softly allowing transition time for the big emitters."

"Without tackling emissions from our stationary energy sector which makes up over 50 per cent of Australia's total carbon emissions our response to the risks of climate change will be ineffective."

The draft Garnaut report handed down today identifies the need for Australia to take immediate and significant action to reduce Australia's carbon emissions.