As per the reports given by Peter Hannam of BusinessDay, the coal miners in Australia have launched a last-minute proposal against the extension of the Renewable Energy Target i.e. RET for solar and wind energy to be continuously used to generate energy instead of coal.
According to the Australian Coal Association i.e. ACA, a lobby group representing coal miners, an assessment prepared by the Centre for International Economics found the RET failed five key measures of policy effectiveness. According to the ACA Chief Executive Officer, Nikki Williams, renewable sources such as solar and wind energy is costlier than coal.
As per the authority’s draft report, it is in support of the retention of the current settings even though renewable energy sources such as wind and solar power are on course to exceed the goal of 20 per cent of total generation by 2020, are against changes to the policy that would create uncertainty for investors in the sector.
The complaint of the coal industry which are from large fossil-fuel based electricity generators, many of which are struggling to remain profitable as weaker-than-expected power demand has sent wholesale electricity prices sinking.
Whereas the renewable energy industry, are confident that Climate Change Authority i.e. CCA will recommend to leave the key goals of the RET unchanged, mainly on target of sourcing 41,000 gigawatt hours a year by 2020 from large-scale sources.
According to the Clean Energy Council i.e. CEC, which lobbies for the renewable energy industry, has forecast that by retaining the current RET settings will see another $18 billion invested in the sector by 2020, which is more than doubling investment so far under the scheme.
Reports also added that there are some nations who are seeking more go-getting targets for renewable energy, such as Scotland’s goal of sourcing half its power by 2020 from renewable activities and even Germany aims for 35 per cent by 2020 and also reducing in energy consumption by 10 per cent.
Source; The Age (Australia)