The Australian Mining and Metals Association (AMMA) – Australia’s national resource industry employer group – has issued a statement by its Chief Executive Steve Knott in support of the proposed adjustments to the Renewable Energy Target (RET) recommended by the Warburton Review.
“The resource industry and members of the wider business community have long raised concerns about the RET and its impact on energy competition, consumer prices and Australia’s competitiveness as an attractive place to invest and do business. Our nation needs an effective approach to the role of renewables in our economy,” states Mr Knott.
“Such an approach must sensibly seek to integrate renewables into our energy-generating sectors with greater consideration of global competitive pressures as well as changing domestic energy demands and economic circumstances. In particular, the flagged adjustment of the target to reflect energy demand growth trends would be a sound platform for renewable energy subsidy if such a policy must be pursued.”
The Australian Government released the report from the independent panel on the review of RET – now known as the Warburton Review, after businessman Dick Warburton, the head of the review – proposing a series of measures to be undertaken in regards to the scheme.
“There is a strong argument to scrap the RET altogether and instead allow market-driven investment into cleaner energy sources to reshape how our nation powers its households and industry,” said Mr Knott.
“Australia’s emergence as a world-leader in natural gas extraction is the best example of how market-driven opportunities can simultaneously provide jobs, economic growth and cleaner energy sources. It is vitally important the RET has minimal impact on the rapid development of our nation’s $200 billion LNG sector.”