Labor Introduces a New Renewable Energy Target
The Australian Labor Party has introduced a new renewable energy target, which aims to increase the country’s renewable energy generation to 50% by 2030. This target is a significant increase from the current target of 23.5% by 2020 and has been introduced in response to the rising concern about climate change and the need to reduce carbon emissions.
The Labor Party has a long-standing commitment to renewable energy and has been advocating for a higher renewable energy target for some time. The previous Labor government introduced the Renewable Energy Target (RET) in 2001, which aimed to increase the amount of renewable energy generated in Australia to 20% by 2020. The RET has been successful in increasing the amount of renewable energy generated in Australia, but there has been a lack of investment in new renewable energy projects in recent years due to uncertainty around government policy.
New Target For Renewable Energy
The new target of 50% renewable energy generation by 2030 is an ambitious goal, but it is necessary to reduce Australia’s carbon emissions and combat climate change. The Labor Party’s plan includes a range of measures to achieve this target, including:
- Investing $10 billion in the Clean Energy Finance Corporation to support new renewable energy projects
- Implementing a National Energy Guarantee to provide certainty for investors and encourage investment in renewable energy
- Establishing a Just Transition Authority to support workers and communities affected by the transition to renewable energy
The Labor Party’s plan has been well-received by the renewable energy industry and environmental groups, who have been calling for a higher renewable energy target for some time.