Oct 26, 2012 - 11:30am
The Climate Institute broadly welcomed the preliminary recommendations of the Climate Change Authority’s Renewable Energy Target review that was released today.
“In particular, The Climate Institute is encouraged by the Authority’s recommendation that the fixed Renewable Energy Target remains stable and the costs of adjusting this target outweigh the benefits,” said Erwin Jackson, Deputy CEO of The Climate Institute.
“If the Government and Coalition agree that the renewable target remains predictable until 2020, it will allow business to invest the billions of dollars needed to begin to transform our highly emitting power sector towards being solely based on zero and negative emission technologies,” he added.
“As the Authority indicates, they are no significant costs with delivering a quarter of Australia’s electricity from renewable energy in 2020. More renewables in the mix means less carbon pollution, greater energy diversity and less exposure volatile global gas and coal prices.”
“Contrary to claims made by some incumbents in the electricity market, not only does the Renewable Energy Target lower emissions, it also diversifies our energy mix and contributes to long-term energy security and lower cost clean energy. The Renewable Energy Target also reduces the exposure of Australian businesses and households to inevitably higher gas and other fuel costs,” Jackson said.
“Changing the Renewable Energy Target, as a few fossil-fuel generators have called for, would lead the cost impacts from policy uncertainty and the consequent risk and financial impairment of existing investments.”
The Climate Institute also welcomes the recommendation by the Authority that the next review be shifted to 2016 and that post-2020 issues be addressed then.
The Climate Institute’s submission to the Renewable Energy Target review can be found here.
For more information
Kristina Stefanova | Communications Director, The Climate Institute | 02 8239 6299