The Australian government has set its Renewable Energy Target (RET) legislation to utilize 20% of its generated energy from renewable energy sources by 2020, and one company couldn’t be happier.
Origin Energy, Australia’s largest green energy provider, said the RET legislation would poise Australia to attain a lower carbon future by providing a solid policy framework. “Along with the Carbon Pollution Reduction Scheme (CPRS) and the right support for investment in electricity transmission, the RET scheme will be an important factor in whether companies invest in the infrastructure required to deliver carbon emissions reductions in Australia,” said Carl McCamish, general manager of Origin’s Policy and Sustainability section.
“Our view is that in order to meet this target a substantial amount of wind – potentially 6,000 MW – will need to be built across the industry, which will drive investments in the vicinity of $12 billion to $18 billion over the next decade.”
He did note that this legislation should be seen as a transition and encouraged political parties to negotiate a “workable agreement to ensure that the CPRS) is passed” immediately.