OZ Renewable Sector Pissed Off; Abbott Wants Reviews Every 2 Years, Cuts Target 25%
Major renewable energy companies have angrily hit out at the Abbott government for its vow to maintain regular reviews of Australia's clean energy target, describing the decision as a broken promise that will hurt industry. The wind and solar industries were blindsided on Friday when Industry Minister Ian Macfarlane declared two-yearly reviews of the renewable energy target would be kept, despite previous public pronouncements they would go.
Keeping regular reviews threatens to scupper a compromise deal on the target that the Abbott government has hammered out with Labor over 14 months. On Friday the two parties agreed to reduce how much renewable energy the target will support by 2020 from 41,000 to 33,000 gigawatt-hours. The industry dislikes regular reviews because the prospect of further changes to the target undermines its ability to attract investment for new wind and solar farms.
Managing director of Infigen Energy Miles George said the decision was "anti-business, a show of support for red tape" and did "nothing but undermine investor confidence".
The executive manager of external affairs at Pacific Hydro, Andrew Richards, said the government had made it clear a review last year by businessman Dick Warburton would be the last. "This was their promise to industry, a promise now broken," Mr Richards said. "All the industry is asking for is to have regulatory uncertainty removed so investment can flow." Andrew Thomson, managing director of ACCIONA Energy, said if there was a review in 2016 it would be the fourth major inquiry into renewable energy since the Coalition was elected. "Having numerous, repetitive reviews only serves to create a high degree of risk and uncertainty," he said.
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http://www.theage.com.au/federal-politics/political-news/renewable-energy-companies-say-abbott-government-backflip-will-harm-investment-20150511-ggz4qi.html
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