RET review fears realised

摘要

The long awaited report into the controversial review of the Renewable Energy Target (RET) has been handed to the federal government, with recommendations to scale back the target confirming the fears held by renewable energy companies and investors. The panel, chaired by businessman and climate sceptic Dick Warburton, handed down two recommendations for both the large scale RET (LRET) and the small scale renewable energy scheme (SRES). Labelling the RET a "high cost approach to reducing emissions" it recommended that the LRET be scaled back and closed to new investment but allowed to continue until 2030 for existing and committed renewable generators. As an alternative, it recommended that the LRET could be modified to increase in proportion with growth in electricity demand, by setting targets one year in advance that correspond to a 50% share of new growth.