Victorian Renewable Energy Target Shows Promise Down Under

Under the Victorian Government’s proposed Renewable Energy Target scheme, more than one fifth of Victorian homes could be supplied with zero- emission electricity at less than $1 per month, according to a new report. The scheme would create jobs, inject money into the national economy and prepare the Victorian economy for a carbon-constrained world.

The Victorian Renewable Energy Target scheme aims to have 10% of Victoria’s electricity supplied from renewable sources by 2010 in a bid to stem greenhouse gas emission levels and encourage the development of clean energy. The scheme has the support of the Australian Business Council for Sustainable Energy (BCSE), which published the report. The scheme is said to deliver direct investment in Australian-based manufacturers and service companies worth more than $1 billion, with flow-on stimulus of more than $2 billion throughout the national economy. It also found that direct employment in the construction of renewable projects, plus flow-on employment, would amount to the creation of 10,000 new jobs. In addition to creating employment and investment opportunities in the Victorian and Australian economy, Tristan Edis, BCSE’s Policy and Research Manager and author of the report, said the likely cost impact of less than $1 per month is a small price to pay now to avoid far higher costs of greenhouse gas pollution in the future. “We can’t afford to continue to look at energy with a narrow lens that ignores the cost of greenhouse emissions,” he said. “This report takes a more comprehensive and thorough assessment based on actual real project proposals and carbon trading markets.” “Having studied it in detail, I think the scheme will have real, practical benefits for Victoria’s economy and for the long-term welfare of its population. Think of it as a prudent investment in our children’s future, just like education,” added Edis.
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