Leaving the Renewable Energy Target as it is makes good business sense.
It’s in Australia’s interests not to be left behind in the growth industries of the future – and those include renewable energy.
How to save business billions, without cutting renewable jobs Suzanne Benn Chair in Sustainable Enterprise, UTS Business School at University of Technology, Sydney Patrick Crittenden Researcher and PhD Student at University of Technology, Sydney The Conversation 26 February 2014 The debate about the future of Australia’s Renewable Energy Target (RET) has largely focused on the issue of immediate costs to business. But if we’re thinking about Australia’s long-term economic interests, there are a number of reasons why leaving the target as it is makes good business sense.
Instead of trying to reduce power bills by undercutting investment and jobs in one growing industry, there are other ways for big and small businesses to cut their power bills – starting with the cost savings available from using energy more efficiently.
Billions in opportunities
A 2012 report for the federal government found that Australian industry could cut its energy use by 11% without adversely affecting business activity, saving A$3.3 billion in the process. Doing so would also cut 15 million tonnes of greenhouse gas emissions.
Looking at medium to large industrial businesses across mining, manufacturing and transport, the study found that many of those savings could be made with a payback period of less than two years.
It is important to note that the study also found that there are often multiple barriers in the way of making those investments and savings. But there are plenty of examples of why it’s worth the effort to overcome those barriers, as case studies published last year by the Department of Industry highlight…..The possibility of Australia’s main renewable energy scheme being watered down or scrapped sends a negative message to investors in wind, solar and other renewable generation options. For example, Meridian Energy has already stated it will not invest further in renewable energy in Australia if the RET is scrapped.
Australia needs to build a more innovative industry and manufacturing base for the future, including creating more jobs in nanotechnology and biotechnology. It’s in Australia’s interests not to be left behind in the growth industries of the future – and those include renewable energy. http://theconversation.com/how-to-save-business-billions-without-cutting-renewable-jobs-23528
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