RENEWABLE ENERGY DECIMATED UNDER NEG

New reports have flagged that, over the last two years, more than 5,500 MW of large-scale renewable investment has been committed to meet the 2020 Renewable Energy Target, equating to 2,750MW per year.

This investment would not have happened had the Labor Party not blocked the Liberal Government’s attempts to abolish the Renewable Energy Target in 2014 and 2015.

This record of investment in renewables stands in stark contrast to the Turnbull Government’s plans for renewables under their National Energy Guarantee (NEG).

According to Bloomberg New Energy Finance (BNEF), Malcolm Turnbull’s NEG would only see 150MW of large-scale renewable energy built per year over the next decade. This represents a cut of 95 per cent in annual large scale renewable investment compared to what we are seeing today.

It is no wonder that BNEF warned last week that the Government’s design of the NEG would "decimate" new investment in large-scale renewable energy.

Not only does the NEG decimate renewable investment and delay the inevitable transition to a clean and modern energy system, it locks in higher prices for families and businesses, and it ignores the need to replace ageing and increasing unreliable coal-fired power stations, placing our longer term energy security at risk.

The choice is now clear: Labor is for renewable energy, Malcolm Turnbull is for more coal and higher power bills.