Investors will welcome a stated shift away from ‘ideology’ in Australia’s energy future, but will be concerned about the political battlelines being drawn between the major parties on key elements of energy policy, the Clean Energy Council said following Prime Minister Malcolm Turnbull’s address to the National Press Club today.
Clean Energy Council Chief Executive Kane Thornton said the Prime Minister’s comments on the Renewable Energy Target earlier in the week were very welcome, and that further stability and long-term policy was essential to ensure much-needed investment flowed into the energy sector over the coming decades.
“The majority of our coal-fired power stations are past their expected operating life and we are going to need a new wave of investment in energy in the decade ahead. In order to provide the confidence necessary to deliver this we need stable, long-term policy supported by both major parties,” Mr Thornton said.
“Renewable energy such as solar and wind is are now the cheapest kind of energy generation it is possible to build in Australia and, with a welcome and increased focus on energy storage, can ensure a secure and reliable supply of power into the future.
“There is a massive pipeline of renewable energy projects about to be built under the national RET, creating many thousands of jobs and billions of dollars of investment which will flow into rural and regional Australia.
“Domestic and international investors in these projects simply want stable, bipartisan policy that enables them to invest with confidence. This is one of the reasons that two of the country’s largest business organisations – the Australian Industry Group and the Business Council of Australia – have today called on the Federal Government to leave the RET alone.”
Mr Thornton said the announcement today by Energy and Environment Minister Josh Frydenberg to increase support for large-scale storage technology initiatives was a good step forward.
“Energy storage has a huge role to play in the future, and will ensure a secure and stable energy supply with much greater levels of renewable energy generation,” he said.
Please contact Clean Energy Council Media Manager Mark Bretherton on 0413 556 981 for more information or to arrange an interview.