Antinuclear

Australia’s $billions in investment, due to Renewable Energy Target

Clean energy target drives billions in investment SMH, October 25, 2012 Tom Arup AUSTRALIA’s 20 per cent renewable energy target has helped spark $18.5 billion in new clean energy investment since its inception – and will drive another $8.8 billion to 2030 – an economic analysis commissioned by the industry’s peak body has found.

The modelling to be released today by the Clean Energy Council also says Australia would have failed to meet its greenhouse gas targets under the United Nations Kyoto Protocol without the target in place.
The modelling – carried out by firm Sinclair Knight Merz – comes on
the eve of a discussion paper to be released by Australia’s Climate
Change Authority as part of its review into the role and performance
of the renewable energy target.
The target mandates that 20 per cent of Australia’s energy is to come
from renewables by 2020.

Numerous industry groups – including energy giant Origin and the
Business Council of Australia – are calling for the scheme to be
reduced or dumped due to concerns the target may be overshot and have
uneven impacts on energy markets and prices.
But renewable energy and environment groups want the target left
untouched and say it, along with the carbon price, is crucial to
cleaning up Australia’s energy supply.
Amid its findings the Council’s modelling says Australia’s carbon
emission are now 20 million tonnes lower than they would have been
without the target. http://www.smh.com.au/national/clean-energy-target-drives-billions-in-investment-20121024-285rw.html#ixzz2AKnWG5O6

October 24, 2012 - Posted by Christina Macpherson | AUSTRALIA - NATIONAL, business, energy