RET scare puts green billions on the line
At least eight major projects have been put on hold in recent weeks, due to uncertainty over the Renewable Energy Target.
Hundreds of jobs, millions in investments and the chance at a cleaner future have been shelved, as the Government considers reducing its pledge to produce 20 per cent of Australian energy from resources such as wind, solar or geothermal by 2020.
Clean power firm Pacific Hydro says it has written letters to the Premiers of Victoria and South Australia, describing $550 million in projects “ready to go if the current renewable energy target is retained”.
If the target is scrapped though, so too will be the high-tech projects.
“These projects could provide hundreds of jobs in construction and deliver around $260,000 annually through community fund grants,” the letter states.
“While the RET review uncertainty continues these projects will remain on the shelf, depriving the state of potential jobs and investment.”
South Australian Energy Minister Tom Koutsantonis has written to the Renewable Energy Target review panel, saying the target should be kept but modified to extend the 2020 timeline and cut compliance costs.
Mr Koutsantonis says the target has brought a stunning $5.5 billion in capital expenditure to SA, with forecasts for a further $4.5 billion by 2025.
“Many generators have made, or are in the process of making, investment decisions based on the current (target),” he wrote.
“Large-scale renewable generation investment decisions may be affected if the target is periodically changed as investors would factor this risk into financing decisions.”
Former Reserve Bank board member Dick Warburton is in charge of the RET review, but some say he may not be the best choice.
Warburton is making a name in climate science infamy by continuing to spruik the results of a 1998 petition, which claimed scientists agree there is no evidence of human-linked emissions causing disruption of the climate.
The ‘Oregon Petition’ has been debunked as a non-scientific farce.
The RET review's report is due by the middle of the year.