Billions in investment for Australia's renewable energy

Australia's renewable energy target (RET) has delivered a reduction in fossil-fuelled power generation since its introduction in 2001, the Clean Energy Council said today. A report released by the Council shows that Australia's 20 percent RET has delivered US$18.5 billion in investment, with the potential for US$18.7 billion more if the policy is retained in its current form, Xinhua news agency reported.

Since being introduced by the Howard government in 2001 and increased by the Rudd government in 2009, the policy had reduced Australia's carbon emissions and helped to suppress wholesale electricity prices, Clean Energy Council chief executive David Green said.

"The report shows that, if left unchanged, the Renewable Energy Target will result in 12 percent less coal-fired generation and 13 percent less gas-fired generation between now and 2030, with no reliability or security of supply issues identified," Green said.

In the face of news last week that Australia's gas prices may rise sharply on the back of international exports, the report says that clean energy can help protect the country against price shocks from fossil fuels.