Time to end uncertainty and deliver a clean energy future
21 March 2013
Pacific Hydro has welcomed today’s response from the Federal Government to the Renewable Energy Target Review conducted by the Climate Change Authority (CCA) last year.The final report recommends retaining a fixed target of 41,000 GWh for the Large Scale Renewable Energy Target, amongst other measures.
Importantly this independent review found that the benefits of reducing the target, as some are agitating for, are small but the damage to investor confidence is large.
“We are pleased the Federal Government has accepted all key recommendations of the review as the industry and investors are looking for long-term policy certainty”, said Pacific Hydro general manager for Australia, Mr Lane Crockett.
“Now is the time to get on with the business of transitioning to clean energy. There is no reason to delay; we just have to get on with the job.”
Pacific Hydro is pleased to see the Government’s response confirm that the LRET fixed GWh target is crucial to ensure certainty and investor confidence.
“The renewables industry has been reviewed ad nauseam over the past decade,” said Mr Crockett.
“The RET will not only deliver significant emission abatement but will also play a role in shielding the economy from the volatility of international energy price fluctuations. We need to get on with transforming our energy sector to one that is cleaner and that has less carbon risk– without being hampered by ongoing reviews.”
The renewable energy industry has been plagued by boom and bust scenarios ever since the Howard Government first implemented a Mandatory Renewable Energy Target in 2001.
“The challenge for renewables has always been certainty – so hopefully now we can get on with the job of building projects,” said Mr Crockett.
Already the renewable energy industry has invested around $20 billion into projects since 2001, creating tens of thousands of jobs along the way and abated around 23 million tonnes of CO2e.
Delivering projects to meet the 20% by 2020 RET is expected to deliver a similar level of investment and job opportunities to regional communities where jobs are often hardest to find.
“We call on all sides of politics to support all measures that add stability and certainty to the industry so that we can get moving again,” added Mr Crockett.