Pacific Hydro welcomes price on carbon

14 October 2011

Leading Australian renewable energy company, Pacific Hydro welcomed the passing of the clean energy future and carbon price legislation through the House of Representatives on Tuesday this week.

“Australia needs a price on carbon to drive investment, encourage diversification in clean energy projects across the nation and to reduce emissions and take action on climate change”, said Pacific Hydro General Manager, Australia, Mr Lane Crockett, as he welcomed the passing of the Clean Energy legislation through the House.

“We again congratulate the Gillard Government, the Greens and the key Independents who have worked together to ensure that this carbon pricing package passed through Parliament”, added Mr Crockett.

The comprehensive package includes a 2020 5% reduction in emissions, a long-term 2050 target, a price on carbon, supportive investment through the Australian Renewable Energy Agency (ARENA), the Clean Energy Finance Corporation (CEFC) and endorses the complementary role of the Renewable Energy Target (LRET).

“Pacific Hydro has been participating in global carbon markets for a number of years through its international investments and we look forward to increased opportunities from this initiative,” said Mr Crockett.

“To remain competitive in a global environment where carbon markets operate in many major economies, a price on carbon and a move to a cleaner future in Australia is essential,” explained Mr Crockett.

“The package combination of carbon pricing, energy efficiency, renewable energy and action on the land will bring broad opportunities to business, farmers and households”, added Mr Crockett.

“Any reversal of this important step will lead to investor uncertainty and add to already stalled investment in clean energy projects,” finished Mr Crockett.

Media enquiries: Georgina Downey, 03 8621 6440 or  0427 031 683.