The time has come for politicians to put differences aside and peg rising energy prices, a top Clean Energy Council (CEC) representative claims.
As the Australian Clean Energy Summit kicked off in Sydney on July 18, CEC Chief Executive Kane Thornton expressed his concerns.
“It’s time for politicians to agree on a carefully-designed Clean Energy Target and put in place the framework to deliver continued new investment in the energy sector,” he said.
With rising power prices causing “huge concern”, the business sector is becoming increasingly frustrated, Mr Thornton claimed.
Furthermore, he said businesses are fed up with bickering politicians whose policy indecision is preventing new investment in renewable energy.
Rising energy prices caused by policy indecision
Lack of clear leadership or renewable energy policy beyond 2020 may derail economic prosperity, according to the CEC boss.
Conflict over the best way forward is driving rising energy prices for everybody, he claims.
“There are jobs going begging, economic benefits being wasted and power prices spiralling out of control,” Mr Thornton said.
In addition, the business sector is “increasingly recognising” the importance of meeting their own renewable energy needs as well as undertaking major Australian wind and solar projects.
Beyond 2020, however, the energy outlook is uncertain. Mr Thornton said the only saving grace is $8 billion worth of large clean energy projects under way between now and 2020.
“It takes years for the investments of today to have a major effect on the cost of power, yet politicians are still arguing over whether to support any energy policy at all.”
Renewable Energy Target (RET)
This week’s Australian Clean Energy Summit takes place at a critical time for Australia’s energy policy.
Mr Thornton cites the national RET as the only policy pegging rising energy prices, with the Finkel Review’s proposed Clean Energy Target (CET) still under discussion.
At a meeting of the 12th COAG Energy Council on July 15, support for the CET was withheld.
Queensland, Victoria, South Australia and the ACT governments instead decided to work separately with the Australian Energy Market Commission to develop a clean energy plan.
