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Renewable Energy News

TUESDAY 07 SEPTEMBER, 2010 |

Labor Gains Power - What It Means For Solar Power

by Energy Matters

It's (finally) official. Rob Oakeshott has made his decision and Australia now has it's next government - Labor, led by Julia Gillard.

In an announcement a few minutes ago, Independent Rob Oakeshott announced he will be backing Labor, giving the party the 76 seats needed in order to continuing governing Australia. Earlier in the day Bob Katter pledged to the Coalition and Tony Windsor, to Labor.

So what does this mean for Australia's solar power industry?

Labor renewable energy and climate policies and initiatives for the time ahead include:

- 5 percent carbon emissions cut by 2020, possibly more depending on global co-operation.

- Any carbon emissions trade scheme delayed until the end of 2012.

- An assembly of 150 people to settle on a price on carbon.

- New coal-fired power stations will be required to incorporate carbon capture and storage.

- A "cash for clunkers" program (that siphon money from funding earmarked for solar power)

- $100 million over four years towards a new Renewable Energy Venture Capital Fund.

- Bonus tax deduction of 50 per cent of the cost of the eligible assets or capital works to improve energy efficiency in buildings.

The "cash for clunkers" program has drawn fire from the Greens and given Labor will be working more closely with the party, it may have some difficulty in getting the program off the ground; particularly since the USA's own cash for clunkers appears to have been a lemon.

Further details on Labor's renewable energy policies