Implementing either of the two options would only serve to imperil $20bn of existing projects and close the door to new investment. “Essentially, this says Australia is closed for business for renewable energy,” Kobad Bhavnagri, an analyst for Bloomberg New Energy Finance in Sydney, said after the government released the panel’s recommendations at the end of August.
The long-awaited review of Australia’s Renewable Energy Target, or RET, dealt a blow to its renewables industry, when the government-appointed panel gave Prime Minister Tony Abbott two options to cut emissions more cheaply: either scrap or weaken its main clean energy program.
All this and more on the impact of this policy change can be found in a Bloomberg New Energy Finance Analyst Reaction published prior to the outcome of the study, and titled: Stranded assets: the consequence of cutting Australia’s RET.
Wind power, which is not, so far, much of an energy source in the country, is getting a boost with Chinese Xi’an Electric and Hong Kong’s Goldwind International Holdings mulling building a factory in partnership.
Read more here: Business Spectator