Australia urged with renewable energy policy stick

SYDNEY--Australia's renewable energy target should be retained in its current form to avoid, undermining the confidence of investors in wind, solar and geothermal energy, according to the Government Adviser on climate change.

Australia should keep, by his goal to 41,000 gigawatt hours electricity from renewable sources by 2020 to get the climate change Agency due said today in a preliminary assessment of the policy before its final report in December.

The goal should be maintained although the country on track to reach would originally after the authority around 25 percent of its power from renewable energy instead of the 20 percent. Some makes Australian unit, TRUenergy Holdings Pty Ltd. companies including CLP Holdings Ltd., said that the target account for the decline in demand for electricity and to cut costs should be reduced.

"The challenge is a reasonable balance between encouraging more investment in renewable energy, what to persistent reduction of greenhouse gas emissions and the cost of the system to household and business consumers of electricity," according to a statement the climate agency.

Significant investments on the basis of the existing legislation with more planned was made, Bernie Fraser, the Chairman of the authority, the statement said. Scaling over leads to only modest reductions in electricity bills by 2030, according to the authority which was set up on July 1, advise the Government on its climate policy.

Looking for security

"Legal certainty for investors in equipment for renewable energy is absolutely the top of my mind" climate said change Minister Greg Combet yesterday after a speech in Sydney on Oct. 24 "it would be a lot to convince me that must it make changes to the current target system setting renewable energy."

Australia's strategies for emission reduction and clean energy encourage investment from a$ 100 billion ($104 billion) over the next four decades can drive, Combet said. The Government set a price of $23 per metric ton of carbon emissions for about 300 of its largest polluters for the year which began on July 1 with a market-based system to in 2015 start.

"There is a lot about the RET although how," said adjustment past makes cost of about a$ 25 billion, reduce could Melbourne-based TRUenergy, in a statement in September.