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CEO News Archive Media Speeches |
Media releaseFears investment in clean energy to stallBY ROSSLYN BEEBY, SCIENCE AND ENVIRONMENT REPORTER, THE CANBERRA TIMES 14 August 2009Australia will lose $28 billion in clean energy investments unless the Federal Government rescues a renewable energy Bill from the wreckage of its failed emissions trading scheme, green business groups say. The Clean Energy Council estimates the fledgling renewables industry is losing more than $2 million a week in cancelled orders, lost investments and job lay-offs. The council and Environment Business Australia the peak groups representing Australia's solar, wind, wave, geothermal and other clean energy industries have urged the major political parties to set aside political differences and support "a simple amendment" to salvage the Renewable Energy Target Bill from the legislation defeated yesterday in the Senate. "The time for political games is over. The Bill needs to be amended immediately to de-couple it from the carbon pollution reduction scheme," the council's chief executive, Matthew Warren, said. The Bill commits Australia to produce 20per cent of electricity from renewable sources a fourfold boost in renewable energy targets previously set by the Howard government almost a decade ago. It also streamlines state and territory renewable energy targets into a national scheme. Environment Business Australia chief executive Fiona Wain said the 20 per cent target was crucial to driving expanded investment in green energy technologies and jobs. "The defeat of the essentially flawed, watered-down and unambitious carbon pollution reduction scheme shouldn't be used as an excuse for further delays to press ahead with action to support renewables," Ms Wain said. "The Government must send a rapid signal to the clean energy market, and the best way to do that is to get the renewable energy target up and running immediately." Mr Warren said a two-year delay by the Rudd Government in honouring an election promise to introduce the 20 per cent target was costing the industry more than $2million a week. "Orders for solar photovoltaics have evaporated and staff are now being laid off, or are idle, in clean energy companies across an industry which is supposed to be gearing up to deliver 20 per cent of Australia's electricity in 11 years' time." Mr Warren said the renewables target Bill would "unleash around $28 billion of new investment" and create more than 28,000 new jobs. The price of renewable energy certificates electronic currency administered by the Office of the Renewable Energy Regulator to small renewable generation systems had fallen sharply after deferral of the Bill two months ago. Ms Wain said the Government's defeated emissions trading scheme failed to gain support because it failed to support the next generation of energy markets. A new scheme was needed to provide "a better way to invest taxpayer funds and revenue from an emissions trading scheme than compensating companies who are no longer allowed a pollution-free ride". Ms Wain said the Government's claims that carbon trading would force high-emission industries to move offshore, creating "carbon leakage", did not make economic sense. "How many of Australia's top 500 companies, with a reputation to protect, are likely to seek a licence to pollute from their shareholders, investors, bankers and insurers? Would they abandon assets, resources, skilled staff and robust infrastructure to move offshore to developing countries, looking for short-term protection from a price on carbon? "That's not going to happen because the developing countries want the capital and technology flows that come with climate action. Any company moving offshore knows a carbon price is inevitably going to come and bite them on the bum." Australian Greens deputy leader Christine Milne said the Government's defeated emissions trading scheme would have "locked in failure on the climate crisis with its inexcusably weak emissions target and its $16 billion handout to polluters". |
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