Jan 13, 2015

Renewable energy plummets under Abbott

Tony Abbott’s anti-renewable energy agenda and his broken promise to keep the Renewable Energy Target (RET) has seen investment in the industry in Australia nosedive by 35 per cent.


New figures released by Bloomberg New Energy Finance shows investment in large-scale renewable energy projects, such as wind farms, has fallen by 88 per cent. Overall, investment in the industry is at its lowest since 2009.


While there has been a massive decline in investment in Australia, other countries are enjoying surge in investment, with China recording a 32 per cent increase to $89.5 billion.


“The dramatic fall in investment coincides with Tony Abbott’s broken election promise on the Renewable Energy Target,” Acting Shadow Climate Change Minister Anthony Albanese said.


“Under Tony Abbott, Australia is falling behind the rest of the world when it comes to renewable energy.”


“Tony Abbott has cost this industry $2.5 billion and has robbed Australian businesses of their share of international investment which is going off shore.”


Before the election, Tony Abbott promised to retain the RET. Then immediately after the election, he walked away from that commitment, establishing a RET Review which recommended to scrap or significantly reduce the RET despite finding renewable energy will drive down household power prices.


“The uncertainty created by the Abbott Government’s Renewable Energy Target Review has also cost thousands of jobs and left projects in limbo.”


The industry is suffering the downfall in investment on top of Tony Abbott’s attempts to scrap the Australian Renewable Energy Agency and Clean Energy Finance Corporation.


“Tony Abbott is entirely to blame for the current position of the renewable energy industry.”


“He needs to immediately recommit to the Renewable Energy Target and recognise the opportunities renewable energy creates for the Australian economy,” Mr Albanese said.


Labor has offered to reopen negotiations with the Government on the RET, but will not support any proposal that decimates the industry, including the Government’s plans to cut the RET by 40 per cent.