Australia government to scrap its renewable energy targets

The Long-awaited, review on Australia’s renewable energy target by Abbott government has been tabled.

The target has recommended the scheme to be abolished by 2030 or scaled back.

The report has been chaired by businessman and climate cynic Dick Warburton.

The costs imposed by the scheme are not justifiable and calls on the government to find lower cost alternatives for reducing carbon emissions was the reason stated for abolishing.

The review, acknowledges that the scheme has led to lower wholesale electricity prices and that its impact on household bills is comparatively small.

However, it argues that the scheme has created an artificially low wholesale price by increasing the electricity supply, when demand has been falling actually.

The panel has recommended two possibilities. The first opportunity will close the scheme to new applicants and check that the target ends for all companies by 2030.

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In the second option, the renewable energy target will be reduced by bringing it in mark with falling electricity demand, known as the “true 20 per cent” situation.

The government would cautiously consider the contents of the report, said, Greg Hunt, Environment Minister. A detailed response is awaited in coming weeks.

The report has paved way for Abbott to break another election promise, this time on renewable energy. This is the devastating blow that Australia’s clean energy industry feared Labor’s environment, reacted, Mark Butler, spokesman.

The clean energy industry retorted quickly describing the review’s recommendations as a kick in the guts.

The Australian Conservation Foundation has urged the government not to accept the recommendations of a panel that displays vested fossil fuel interests.

Greenpeace has reacted that adopting the findings would continue Prime Minister Tony Abbott’s campaign against environmental and climate laws.

It was no surprise that a review led by a climate disbeliever has trashed the Renewable Energy Target and that both options would destroy Australia’s renewables industry, responded Greens.

The dangerous and ignorant report is finally public, so everyone can see it for the climate denier drivel it is. The outcome was determined long ago, commented, Christine Milne, leader, Greens.

The report will affect adversely $20 billion large-scale renewable energy industry in Australia.

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