“This is a significant policy which could see a very significant proportion of all new electricity load coming from clean energy sources”. Said Climate Institute Chief Executive, John Connor. “This target would reposition Australia as a player in the global clean energy boom which saw 20% of investment in power generation in 2006 going to clean energy sources.”

“We look forward to further announcements to make up the small gap between this initiative and what is required to ensure all new electricity load comes from clean sources.”

“The 20% MRET increases the ALP’s score on the Climate Institute Report Card to 53%, with the Coalition on 23%.”

Independent modeling commissioned by the Climate Institute earlier this year demonstrated that a clean energy target, in combination with emissions trading and energy efficiency measures could save industry about $1.5 billion to 2050. It would also mean that between 2010 and 2030, the additional household weekly spend on electricity would also be reduced by around 50% (to an additional 3-4 per week or 0.3% of weekly income at that time).

The accelerated uptake of clean energy technologies is likely to drive reductions in business and technology costs that will make long-term reductions in greenhouse emissions cheaper. As Australian companies and industries adopt clean technologies they will find ways to reduce costs through economies of scale, more efficient business models and learning how to better integrate new technologies into the current energy system.

“While this announcement is the single most significant announcement by either of the major parties in relation to climate change this election campaign, we look forward to more policies from both sides to put Australia on a path to help avoid dangerous climate change.”

“We need to reverse rising greenhouse pollution within the next five years, ensure all new electricity comes from clean sources and demonstrate international leadership by ratifying the Kyoto Protocol.”