Why the RET is gold medal-winning energy policy

By Fiona OHehir on 17 July 2012

There’s a reason why the Renewable Energy Target is supported by all federal political parties – it works. The Renewable Energy Target, which aims to generate roughly 20 per cent of Australia’s electricity from renewable energy sources by 2020, has been extraordinarily successful in building a strong clean energy industry, reducing Australia’s carbon pollution, encouraging Australians to take action on climate change, and in reducing the cost of electricity.

The achievements of the Renewable Energy Target are impressive. It has already stimulated more than $10.5 billion of private sector investment in large-scale clean energy projects, and will double that investment over the next decade.

The RET has also helped create a world-leading clean energy industry, with more than 15,000 Australians employed in the solar industry alone.

The Renewable Energy Target can also claim credit for reducing the cost of producing electricity.

You won’t read about this in some newspapers, but research by the REC Agents Association – representing companies that create and trade in renewable energy certificates – has shown that by 2015, electricity consumption will be reduced by 5 per cent through renewable energy and energy efficiency. The cost of producing electricity is at a 10-year low in real terms.