Mark Butler MP.
Shadow Minister for Environment
Climate Change and Water
Media Release
Date: 28 October 2014
New research has shown the Abbott
Government's plan to cut the RET by 40 per cent may lead to legal
challenges, businesses defaulting on loans and future projects being
unviable.
The Abbott Government has said its preferred position on the RET is for a reduction from 41,000GWh to about 26,000GWh by 2020.
The research conducted for the Clean Energy Council shows under this scenario “sovereign uncertainty raises compelling reasons to doubt the stability and longevity of a reduced RET”. [Executive Summary P.ii]
“This research raises a number of very serious
issues about the financial implications of the Government’s plans to
slash the RET,” Shadow Minister for Climate Change Mark Butler said.
“The Clean Energy Council has outlined the real
risk of massive asset devaluation, job losses and business closures that
would be the result of the so-called real 20 per cent.”
“Labor has rejected the Government's proposal for
this 40 per cent cut to the RET. We will not be part of an arrangement
that cuts jobs and closes businesses,” Mr Butler said.
Labor will continue to talk to the Government about
returning the RET to a position of bipartisanship to provide certainty
to the industry, investors and workers.
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