Statement by Steve Knott, Chief Executive

AREEA welcomes the public release of proposed adjustments to the Renewable Energy Target (RET) recommended today by the Warburton Review.

The resource industry and members of the wider business community have long raised concerns about the RET and its impact on energy competition, consumer prices and Australia’s competitiveness as an attractive place to invest and do business.

Our nation needs an effective approach to the role of renewables in our economy.

Such an approach must sensibly seek to integrate renewables into our energy-generating sectors with greater consideration of global competitive pressures as well as changing domestic energy demands and economic circumstances.

In particular, the flagged adjustment of the target to reflect energy demand growth trends would be a sound platform for renewable energy subsidy if such a policy must be pursued.

There is however, a strong argument to scrap the RET altogether and instead allow market-driven investment into cleaner energy sources to reshape how our nation powers its households and industry.

Australia’s emergence as a world-leader in natural gas extraction is the best example of how market-driven opportunities can simultaneously provide jobs, economic growth and cleaner energy sources.

It is vitally important the RET has minimal impact on the rapid development of our nation’s $200 billion LNG sector.

Click here for a PDF of this media release and the relevant media contact.