by Rob Grant |
The recent call by the New South Wales government to scrap the federal government's Large Scale Renewable Energy Target (LRET) is misguided and puts at risk billions of dollars in investment in regional and rural Australia. If governments want renewable energy at “least cost, they should put their faith in the LRET and ensure that investors are not pushed to “fly” out of the country.
As the AEMC said in its Power of Choice review last week, the cost of green initiatives is small compared to the 94 per cent accounted for electricity transmission, distribution, generation and retail.
Last year, global clean energy investment topped $US260 billion with renewable energy delivering close to 20 per cent of all global electricity production from 2008-2010 and accounting for roughly half of all new power generating capacity added in 2010.
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