Australia to Review Renewable Energy Target

Australia to Review Renewable Energy Target

The Minister for Industry Ian Macfarlane and Minister for the Environment Greg Hunt have announced today that the Australian Government is releasing the Terms of Reference for a review into the Renewable Energy Target (RET) scheme.

The review will be undertaken by an expert panel, headed by Mr Dick Warburton AO LVO and will include Mr Matthew Zema, Dr Brian Fisher AO PSM and Shirley In't Veld. Under existing law a review is due in 2014.

"This upholds a clear commitment that the Coalition took to the election, to review the Renewable Energy Target to make sure it is working efficiently and effectively," Minister for Industry Ian Macfarlane said.

"In particular, the review will consider the contribution of the RET in reducing emissions, its impact on electricity prices and energy markets, as well as its costs and benefits for the renewable energy sector, the manufacturing sector and Australian households."

Minister for the Environment Greg Hunt said "the review will advise the Government on the progress of the Renewable Energy Target, the importance of investment certainty and any measures which can help ease pressure on electricity prices."

Press release, February 17, 2014; Image: flickr