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Australia could spend A$20bn to kick start green investment

The Australian approval of the federal government’s renewable energy target (RET) brings Australia to the brink of unleashing more than A$20 billion of new clean energy investment, according to the Australian Clean Energy Council (CEC).

CEC’s Chief Executive Officer, Matthew Warren, says the endorsement by the Council of Australian Governments (COAG) is the penultimate step towards the creation of thousands of new green jobs and delivering the first big cuts in national greenhouse emissions.

“We congratulate the federal government for delivering on its commitment to the development of a clean energy industry in Australia. … Successfully deploying the 20% target of renewable energy in Australia by 2020 will unleash the ingenuity of Australia’s energy industry, accelerate research and development and will reveal quickly the scale and potential of this important emerging industry,” Warren says.

The CEC has been working closely with the Australian Government since January to fine tune the draft legislation released in December.

Warren adds: “The refined RET legislation incorporates crucial changes which will ensure accelerated investment in clean energy so the industry can play an immediate role in reducing Australia’s greenhouse emissions and help drive a new green economy.”

The renewable energy target bill will be tabled in the coming weeks.

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