UTILITIES
In 2001 , AustrALIA ’ s Howard Coalition government introduced a Renewable Energy Target ( RET ) policy , designed to ensure that 20 percent of Australia ’ s electricity would come from renewable sources by 2020 . The goal was to diversify the nation ’ s energy sources while also supporting growth and employment in the renewable energy sector . Industry leaders planned accordingly , securing investments and launching projects that would help the country reach its target .
During each stage of the RET policy , Parliament reported strong support from both of the major political parties , and the policy was expanded further in 2009 . So it came as a surprise to many when the government announced in February of this year that they would be reviewing the RET policy and placed Dick Warburton — regarded by many as a climate change skeptic — at the helm of the RET Review Panel .
A Cause for Concern The review caused panic in the industry and led a group of Australia ’ s leading clean energy investors to send an open letter to Parliament
A wind farm outside of Queensland
urging them to leave the RET unchanged . The letter also warned of the risks that changing the RET might cause — risks that could effect not only the industry and its investors , but also Australian citizens .
“ If the 41,000GWh target is reduced , or moved out past 2020 , existing wind farms , bagasse plants , hydropower and large-scale facilities will suffer financial distress and the potential for financial failure ,” the letter , written by Clean Energy Council ’ s CEO Kane Thornton and co-signed by 17 major renewable energy companies
10 September 2014