The Australian federal government is to retain its renewable energy target (RET), despite pressure from power companies to reduce it.

Climate Change Minister Greg Combet (pictured) said the target will remain the same, as it ensured certainty for investors.
Greg Combet
Referring to a review carried out by the Climate Change Authority, who recommended retention, Mr Combet said reducing the target would do little to ease power prices, while at the same time release an extra 119 million tonnes of greenhouse gas emissions.

“If you’re an investor … in the renewable energy sector you want some certainty about these policy settings,” he told reporters in Canberra.

”The renewable energy target will work closely with the carbon price in driving a lot of investment in renewable energy and we want to ensure investors in renewable energy the government is very supportive of the investments they are making.”

Australia is aiming for 20 per cent of its electricity supply to come from renewable power by 2020.

Under the scheme a target is set for large-scale renewable projects – such as wind farms – to produce 41,000 GW hours by 2020.

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