5 September 2008
In a report released today, Professor Garnaut has upped the ante on the Government's committed emission reduction targets but the clean energy sector says it can't be done without complementary measures.Rob Jackson, Clean Energy Council's Policy Manager, said "We were hoping to see more details on the modelling so it is unclear exactly how Professor Garnaut proposes we achieve these cuts. What I can tell you is that an expanded renewable energy target (RET) and introduction of an Energy Efficiency Target is needed to immediately stabilise greenhouse gas emissions and take pressure off emissions trading."
With Garnaut's suggested price caps, the government's Carbon Pollution Reduction Scheme (CPRS) won't be enough to turn the tide on energy investments, and we need complementary measures in place to cut energy waste and guarantee a growing portion of our power comes from renewable sources.
"Professor Garnaut has set a starting price of $20 but this just isn't high enough to deliver pollution reduction or to allow clean energy to compete against high emission fossil fuels. At that rate, we could see Australia end up with higher electricity prices, little abatement and no renewable energy infrastructure" warned Mr Jackson.
"Garnaut's proposal merely highlights the need for renewable energy and energy efficiency." "In order to achieve the necessary cuts to Australia's emissions, we must ensure long-term investor certainty. An expanded RET will deliver investments worth over $20 billion in zero-emission, renewable power while guaranteeing our ongoing energy security.
Many of the Council's members who are global renewable energy investors are preparing to invest under an expanded renewable energy target due to be implemented in the coming months, thereby committing to investment in Australia rather than overseas. "Australia's stationary energy sector is responsible for 50% of our greenhouse gas emissions, so any climate change solution must target the energy sector first."
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