Antinuclear

The Abbott government is pushing to slash the RET from 41 terawatt hours per year by 2030 to 26tW hours/year but needs support from Labor or the Palmer United Party to get the change through the Senate.

Labor was willing to bargain the RET down slightly but walked away from talks with cabinet ministers after a compromise could not be reached.

The proposed target represents a 37 per cent decrease in the initial target, which was predicted to equal 20pc of Australia’s energy usage in 2030.

The RET was originally set by the Howard government and bolstered during Kevin Rudd’s term in office.

It enjoyed bipartisan support before last year’s federal election but the Coalition has since changed its pledge not to touch it.

Opposition environment spokesman Mark Butler said Labor “refused to stand by and watch” billions of dollars invested in renewable energy, along with Australia’s credibility as a safe place for overseas investors, be destroyed.

“Considering the government’s fundamental position remains a 40pc cut to the RET, I do not see there being any value in continuing discussions at this point in time,” Mr Butler said in a letter to federal Industry Minister Ian McFarlane this week.

Mr Butler said the decreased target would not be sufficient to attract the overseas investment needed to get Australia’s young renewable energy sector off the ground………http://www.stockandland.com.au/news/agriculture/agribusiness/general-news/ret-fate-deadlocked/2717266.aspx