Enhanced RET will boost renewable energy

Minister for Climate Change, Energy Efficiency and Water, Senator Penny Wong, today released modelling of Impacts of Changes to the Design of the Expanded Renewable Energy Target, which shows the enhanced Renewable Energy Target (RET) is expected to drive up to $19 billion in total investment in large-scale renewable energy generation in the period to 2030.

The Government announced enhancements to the Renewable Energy Target in February. From 1 January 2011 the Renewable Energy Target, which is designed to ensure 20 per cent of Australia’s electricity supply in 2020 will come from renewable sources, will include two parts - the Small-scale Renewable Energy Scheme (SRES) and the Large-scale Renewable Energy Target (LRET).