RET key to Australian share of US$257 billion renewables market, CEC says

Australia needs to stay focused on its 20% by 2020 Renewable Energy Target, otherwise we risk missing out on our share of the US$257 billion renewable energy industry, according to Christine Lins, the executive secretary of renewable energy policy agency REN21.

Lins presented her argument at the Australian National Conference on Resources and Energy in Canberra on 19 September.

“Total investment in renewable energy increased by 17% to a record US$257 billion in 2011, at a time when the pressure on fiscal budgets in the developed world was severe,” Lins said.

“The key requirement for significant, sustained investment is policy stability, which Australia should consider in the current review of the 20% Renewable Energy Target.”

A stable and supportive policy framework leads to increased productivity and growth, job creation, improvements in public health and enhanced energy security - and, most importantly, a stable climate, Lins said.

“Australia is seen as a leader in many innovative industries like science and health, but at the moment it is trailing behind overseas renewable energy frontrunners like Germany,” said Lins.

Clean Energy Council (CEC) Chief Executive David Green agreed with Lins’s arguments. “The Renewable Energy Target is the single most important policy measure for the entire Australian renewables sector,” Green said.

“Changes to the Renewable Energy Target would weaken investor confidence, meaning Australia could miss out on its share in the US$257 billion global market.”