Abbott government’s RET review policy designed to stop investment in renewable energy
Federal renewable energy review leaves investors nervous, ABC News By Lucy Shannon. 19 Apr 2014, A Federal government review of the renewable energy target scheme appears to be making industry investors nervous.
The Environment Protection Authority approved a $200 million wind farm proposal for Tasmania’s west coast earlier this month.
Despite the approval, the proponent of the Granville Harbour wind farm, West Coast Wind, is not confident of securing investment until the outcome of the Commonwealth review is known.
The renewable energy target scheme, set up by the Howard Government in 2001 aims to ensure 20 per cent of Australia’s energy is produced from renewable sources by 2020.
The scheme is required to be reviewed every two years.
Reports the Prime Minister Tony Abbott has faced strong internal pressure to scrap the RET from both the Nationals and the Liberals have led to fears it will be watered down.
West Coast Wind Director Royce Smith says he does not expect to secure investment for the 33 turbine project while the review is underway.
“It’s certainly got a few investors a bit shy at the moment, until we get the review in from the Federal Government everything’s on hold certainly at the moment,” Mr Smith said.
“It’s just a bit hard to invest money if you don’t know what the outcome is going to be, they’re just a bit nervous.”……http://www.abc.net.au/news/2014-04-19/renewable-energy-review-makes-investors-nervous/5399996
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