It usually signifies the imminent demise of someone or something- in this case we could all be looking at the demise of the RET.

 The RET stands for the renewable energy target- a scheme that is part of the emissions reduction program, put in place initially by the Howard government and supported by both major parties.

It aims for a target of 20 per cent renewable energy by the year 2020. The Financial Review reported on August 18 that Tony Abbott wants it to be scrapped, despite saying he would not do so prior to being elected. 

The purpose of the RET is to reduce carbon emissions through encouraging investment and installation of renewable energy projects.

It is partly responsible for the explosion of home solar installations through the provision of a federal government rebate. Because of this incentive over five million people in Australia have solar power, which promotes clean energy and helps families take control of their power bills.

 The removal of the renewable energy target, which currently only contributes 3 per cent to power bills would have an effect on the continued growth of rooftop solar. 

The RET has had a significant influence on the growing solar industry, which in 2013 employed over 18,000 Australians across 4000 small to big solar businesses. Including wind and other renewable energies, the renewable energy target has created over 24,000 jobs.

 A recent study found that scrapping the RET could cost up to 7000 jobs (Report available at http://www.smh.com.au/environment/energy-smart/solar-pv-jobs-to-crash-if-renewable-energy-target-is-scrapped-report-finds-20140129-31m9x.html)

The introduction of the renewable energy target created a stable investment environment, attracting $18.5 billion in new investment to Australia by national and international companies in large solar and wind projects. Talk of removing the RET has created an unsettling effect in the renewables market, which has affected investment.

Uncertainty over the RET has already caused Silex Systems to suspend its proposed 2000 dish solar installation at Mildura, as reported in in Tuesday’s Sydney Morning Herald. The chief executive of Silex Michael Goldsworthy was reported in the same article as saying that the government commissioned review of the RET had affected the market’s enthusiasm for sourcing renewable energy. (SMH August 19, p8)

In most people’s minds the purpose of renewable energy is to reduce the amount of carbon our demand for energy is pumping into the atmosphere from fossil fuels such as coal.

 It is predicted that the removal of the RET and the following disincentive for renewable investment and development would create a further rise in the use of coal fired energy. Modelling as reported in the Sydney Morning Herald on August 18 predicts that if the RET is abolished, the increase in fossil fuel use would cause Australia’s carbon pollution to increase by 154 million tonnes by 2030.

The only ones to profit from a removal of the renewable energy target are the owners of coal fired power stations.

Coming environmental event: Jeremy Buckingham, MLC, Greens spokesperson for mining will be speaking at the ECCO annual general meeting on the environmental and social impacts of coal seam gas mining. Wednesday, August 27 at the ELF, Orange showground, starting 7.30pm.