Today the Australian Government decided to maintain the Renewable Energy Target (RET) at current 2020 levels, unlocking massive clean energy investment opportunities and Australian jobs.
The current RET scheme will deliver more than 20% of Australia’s electricity from renewable energy by 2020, with a target of 41,000 gigawatts.
The Gillard Government supported independent recommendations from the Climate Change Authority, which said that the RET should remain set at current 2020 levels and that reviews should take place every four years, instead of every two.
Many organizations including the Investor Group on Climate Change (IGCC), publically backed today’s decision by the government. Nathan Fabian, Chief Executive of the IGCC, said: “Policy stability and predictability are key tomaintaining investor confidence in renewable energy. When we know that the end point for Australia’s economy is ‘low-carbon’, a clear long-term direction and predictable low carbon policy approach seems a fundamental requirement.”
Caroline Bayliss, Australia Director, The Climate Group said: “Today’s decision shows that our government appreciates the value of stability, as the green light we need to kick-start investor confidence and Australian jobs in the sector. Essentially the RET has been an economic and environmental success since it began – it does not need such frequent reviews.
“But while the move is a clear win, the 20% should be viewed as a minimum target to ensure long term certaintyfor investors. With greater, lasting ambition in the future, hopefully we will look back on today as one of the key catalysts for the Australian Clean Revolution.”