The Financial Review reported today that Abbott is planning to axe the Renewable Energy Target (RET).
Why is that significant? Well, first you have to understand what the RET is…
What is the RET?
The RET is a target. It sets out how much of our electricity must come from renewable sources. Currently, Australia is committed to a 20% target by 2020. That means 20% of our electricity must come from renewable sources by 2020. This is in line with the EU’s target.
It will save us all money & slash emissions
The government’s own reports show the RET will save consumers $56/yr from 2021 and $91/yr from 2030. And that it will reduce emissions by 24 million tonnes a year, during that period.
It has 99% public support
According to the Sydney Morning Herald, more than 87% of the 865 detailed submissions received by the review panel wanted the RET retained or expanded. And when community submissions are included, support for the RET is nearly 99%! (So much for not doing things without a mandate.)
Here are the actual submissions… if you want to do your own calculations.
So why does Abbott want to kill it?
6 Repeal the renewable energy target”
That may seem unimportant – until you look a little closer and realise that the Coalition has so far adopted or endorsed, or is considering, more than a third of the policies the IPA wants adopted. And until you see that soon after he was elected, Abbott hand-picked a panel to ‘review’ the RET, led by an outspoken climate change denier.
Is it just because the IPA wants it killed?
I don’t know about you, but if the RET is reducing emissions, will save us money and is in line with Europe’s target, it seems a little fishy that Abbott wants to kill it anyway.
Surely not just because the coal-funded IPA wants it abolished? What do you think? Please comment.