6 years ago
ESB CONFIRMS NEG’S WOEFUL EMISSIONS REDUCTION TARGET
THE HON MARK BUTLER MP
The Energy Security Board has confirmed Malcolm Turnbull’s inadequate National Energy Guarantee (NEG) target of 26 per cent will only see emissions reduce in the electricity sector by 2 per cent for the entire decade of the 2020s. The ESB shows that with the current pipeline of renewables investment “by 2020-21, emissions in the NEM are expected to be around 24 per cent below 2005 levels.”
Malcolm Turnbull’s emissions ambition of the NEG will destroy renewable energy investment, risking thousands of jobs and an entire industry. It will simply shift the emissions reduction responsibility to other sectors of the economy that don’t have a low-cost technology available to them.
Modelling from the ESB also shows the $550 power savings for Australian households and businesses, is largely driven by current investment in renewables thanks to Labor’s Renewable Energy Target.
The fact is under Malcolm Turnbull’s leadership wholesale power prices have doubled with electricity prices having increased by up to $630 this past year alone - dwarfing any promised price impact of NEG.
Renewable energy and storage is the cheapest form of new power generation and is integral to getting costs down for Australians.
Reputex modelling last week confirmed that a NEG with Labor’s 45 per cent emissions reduction target would result in wholesale electricity prices by 2030 that are 25 per cent lower than Malcolm Turnbull’s woeful 26 per cent target.
Australians won’t see any price relief from the energy crisis until Malcolm Turnbull stops his anti-renewable crusade.
Malcolm Turnbull’s emissions ambition of the NEG will destroy renewable energy investment, risking thousands of jobs and an entire industry. It will simply shift the emissions reduction responsibility to other sectors of the economy that don’t have a low-cost technology available to them.
Modelling from the ESB also shows the $550 power savings for Australian households and businesses, is largely driven by current investment in renewables thanks to Labor’s Renewable Energy Target.
The fact is under Malcolm Turnbull’s leadership wholesale power prices have doubled with electricity prices having increased by up to $630 this past year alone - dwarfing any promised price impact of NEG.
Renewable energy and storage is the cheapest form of new power generation and is integral to getting costs down for Australians.
Reputex modelling last week confirmed that a NEG with Labor’s 45 per cent emissions reduction target would result in wholesale electricity prices by 2030 that are 25 per cent lower than Malcolm Turnbull’s woeful 26 per cent target.
Australians won’t see any price relief from the energy crisis until Malcolm Turnbull stops his anti-renewable crusade.