Antinuclear

Australia’s clean energy companies may go overseas, due to Abbott’s cuts to renewable energy

Abbot’s Cuts to Clean Energy Could Push Companies Abroad – Sourceable, 15 Nov 13 Prime Minister Tony Abbot has flagged massive cuts to funding for renewable energy which the sector’s peak body says could spur an exodus of companies overseas. – The Clean Energy Council (CCEC), Australia’s peak body for the renewable energy sector, said that the Abbot government’s proposed legislation for the repeal of the carbon tax contains a provision which will reduce funding for the Australian Renewable Energy Agency (ARENA) by $435 million over the next three years.  

In an official statement Kane Thornton, CEC’s deputy chief executive, said that the cuts to ARENA funding threaten to roll back the tremendous progressive achieved by Australia’s clean energy sector over recent years, in areas including large-scale solar, marine, geothermal and energy storage.

“It is disappointing that the agency is now facing a significant budget reduction,” Thornton said.

According to Thornton the slated changes to funding for ARENA could spur many renewable energy companies to relocate abroad, to jurisdictions where government support for renewable energy is more clear-cut and consistent.

“This unstable policy environment has had a clear impact on major technology innovators, developers and financiers, who will understandably be questioning their future in Australia,” said Thornton.-………. http://sourceable.net/abbots-cuts-to-clean-energy-could-push-companies-abroad/#sthash.QHz36p6r.dpuf

November 15, 2013 - Posted by Christina Macpherson | AUSTRALIA - NATIONAL, business, energy