THE Clean Energy Council on Friday responded to new economic modelling indicating both the benefit and the need of a Renewable Energy Target (RET).
Data released by the Energy Supply Association of Australia shows that as part of the comprehensive approach of the Rudd Government to climate change, a 20% RET by 2020 will deliver the required investment in clean energy and ensure a smooth transition to a low carbon economy.
The report also estimates $36 billion of investment will be required over the next 12 years to meet growing energy demands and the expansion of renewable energy.
“The clean energy industry alone stands ready to invest a minimum of $20 billion in zero-emission, renewable power required to meet the target and to ensure a diverse and secure energy supply for Australia; creating over 6,000 new job opportunities nationwide”, Rob Jackson, Clean Energy Council GM-Policy said.
“A renewable energy target will ensure that the growth in Australia’s energy demand will be met by clean sources — immediately stabilising greenhouse gas emissions in the stationary energy sector, taking pressure off the emissions trading scheme, and building critical industry capacity to deliver even greater abatement into the future”, he continued.
“Despite today’s report, evidence suggests it will take some time for the emissions trading scheme alone to deliver a carbon price high enough to stimulate renewable energy investment. With a 20% renewable energy target in place now, the pressure is taken off the ETS (commencing in 2010) to reach a high carbon price quickly,” he said.
“The 20% RET will unlock the vast clean energy investment potential in Australia: the Clean Energy Council has identified over 14,000 megawatts or around 40,000 gigawatt hours per year of renewable energy projects — many of these in rural and regional Australia – that can begin development as soon as the target is legislated,” he said.
“Renewable energy targets are a proven and effective policy measure to drive deployment of new renewable energy generation and will aid the transition to an emissions trading scheme.”
