Australia passing Renewable Energy Target Law
Australia’s Renewable Energy Target Bill Passes House Of Rep
Energy matters 18 August 09
After being decoupled from the Australian Government’s failed Carbon Pollution Reduction Scheme (CPRS), the Renewable Energy Target bill was passed in the House of Representatives last night.The legislation will see 20 per cent of Australia’s energy needs sourced from renewable energy within 20 years.
For Australia’s solar industry, it’s very good news as the legislation also covers the Solar Credits program that will provide substantial rebates for households, businesses and community groups wishing to install solar power systems, both off grid and grid connect. ……………….
Unlike the previous rebate; the Solar Credits scheme is not means tested; meaning that most households will be eligible for the program.
………..In an odd compromise, amendments already made to the RET allow for coal seam methane tapped for use as an energy source to also be counted in the RET, a move the Australian Greens say is a deal struck to increase the profit margins of the coal sector. However, Senator Wong says it would be included on top of the 20% target
Australia’s Renewable Energy Target Bill Passes House Of Reps : Renewable Energy News
Renewable energy stocks rise, and Australia to pass renewables legislation
Green companies get wind in their sails
August 17, 2009
CLEAN chip stocks outperformed the S&P/ASX 200 by 7.6 per cent in the first half of this year, showing companies focused on climate change solutions are capable of earning superior returns, according to analysis from The Climate Institute.
Over three years, clean indices recorded returns 47 per cent greater than the benchmark index, according to findings from The Climate Institute study.
The analysis combined three clean technology indices; the RepuTex Carbon Leaders Index Series, the RepuTex Climate Change Index Series and Bakers Investment Groups ALTEX Australia Index and compared them with the Standard and Poors ASX 200 index.
The findings came as Climate Change Minister Penny Wong yesterday announced the Federal Government had bowed to pressure and would decouple the Renewable Energy Target Bill from the emissions trading legislation rejected in the Senate on Thursday.
The RET Bill is now widely expected to be passed this week, paving the way for more than $28 billion of investment in a clean energy sector, expected to help the economy draw 20 per cent of its electricity from renewable sources, such as wind and solar, by 2020.
Australia’s carbon scheme to boost markets
Carbon scheme to boost markets
Giles Parkinson | August 10, 2009Article from: The Australian“……………..Lagging behind in renewables
WITH the federal government’s Renewable Energy Target also facing a standstill in the Senate, there are growing concerns in the local renewable energy industry that the country is being left behind.There are billions of dollars of projects currently on hold, and while the government says it wants to be a leader in renewable technologies, other countries are marching ahead.China has recently upgraded its renewable energy target from 15 per cent to 20 per cent by 2020, which will translate to around 150 gigawatts of wind power, 20GW of solar power and 30GW of biomass power.India joined the push towards solar last week, announcing plans to install 20GW of solar capacity by 2020 — its reliance on an equivalent amount of diesel-sourced power means solar will be cost-competitive — with a grand plan to lift that to 200GW of solar by 2050.
“Everyone wants to be world leader,” says Ray Wills, head of the WA Sustainable Energy Association. “Other developed and developing nations are moving aggressively to develop their lesser renewable energy resources while Australia — with the world’s best resources — is lagging behind.”
In the US, the amount produced by renewable energy sources (11.1 per cent) has overtaken that of nuclear power (10.4 per cent), according to the latest data from the US Energy Information Administration.Professor Wills notes that $US155 billion was invested directly into clean-energy companies and projects worldwide in 2008, and total transactions in the sector, including acquisitions and buyouts, were $US223 billion. Precious little of that occurred in Australia.
Australian govt’s pretense on renewable energy
Green cars and jobs are about tokenism
THE AUSTRALIAN 31 July 09 “…………………..If the government wanted real green jobs created, as opposed to make-work and training schemes, it would uncouple its proposed 20 per cent renewable energy target from the emissions trading scheme and get it passed as soon as possible.
Access Economics has calculated that measures other than the ETS, including the renewable energy target, will create 28,000 new jobs over the next decade. The only reason to link the renewable energy target with the ETS is a cynical attempt to wedge the opposition. If a greener economy is to emerge, it must be economically viable.
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