Renewable Energy Target cut, BSL will save millions
PARLIAMENT has passed the legislation to cut the Renewable Energy Target, with the deal including an exemption for emissions-intensive, trade-exposed sectors the aluminium industry.
The bipartisan deal which will reduce the original 41,000 gigawatt hour target to 33,000, was passed through the Australian Parliament last night.
The agreement will have a huge impact on Boyne Smelters Ltd, who told The Observer in March that since 2001, BSL has contributed $125million to renewable energy target costs.
Clean Energy Council chief executive Kane Thorton said the move was a critical factor in allowing renewable energy projects to move forward.
"While this has been a challenging process, and we are disappointed by the level of reduction of the target for large-scale renewable energy, the passage of this legislation provides the platform for a doubling of renewables over the next five years," Mr Thornton said.
"The legislation also removes the two-yearly reviews of the scheme and ensures no changes to the Small-scale Renewable Energy Scheme, which is great news for thousands of people working in the rooftop solar and solar hot water sectors."