By Tristan Edis
Basically, Warburton is proposing that the government make a drastic change to a policy that his own review acknowledges is unlikely to save energy consumers money, which will undermine the value of several billion dollars in investment and considerable project development effort, and send a large proportion of renewable energy businesses bankrupt, with their staff made redundant.
Warburton explained that even though the RET might be effective at reducing emissions, the government’s proposed Emissions Reduction Fund – the centrepiece of its Direct Action policy – “would be a far less expensive” way of doing the same thing.
Now, to be fair to Warburton if you refer back to the actual review report, it references work by ClimateWorks to support its assertion that the RET be abolished, or at the very least cut by 60 per cent, because there are cheaper options for reducing emissions.
The one analyst that has been imaginative enough to attempt to cost the ERF, RepuTex, believes it will involve a cost per tonne of abatement that isn’t cheaper than what the RET Review estimates for the large-scale Renewable Energy Target.
Read more here: Business Spectator