Australia did not reap the benefits of the record-breaking renewables year in 2014, with investment and jobs in the renewables industry slashed due to ongoing reviews of the Renewable Energy Target, which the Australian Government has said it will cut. Source: Timberbiz
Investment in renewable energy in Australia will be reduced by $5-6 billion as a result of the cuts, according to forecasts.
Climate Council CEO Amanda McKenzie said renewable energy was the new economic powerhouse worldwide, attracting investment and growing jobs.
“We are witnessing an historic energy revolution and the countries that ride the renewables wave are going to leave the latecomers for dust,” she said.
“Unless Australia puts in place supportive policy settings which will allow our research and development to be applicable, Australia will increasingly be a buyer of offshore equipment and technology.”
The Climate Council’s Professor Will Steffen said renewable must make up more than 80% of electricity generation by 2050 to avoid the most dangerous impacts of climate change.