New research published this week by The Climate Institute, WWF-Australia and ACF shows that scrapping or reducing Australia's mandatory Renewable Energy Target (RET) would do nothing to reduce household energy costs.
The Federal Government is currently reviewing the target, and there are reports that they may scrap it entirely.
Such a move could see coal-fired power generators make an extra $8 billion in profits.
Households would not be better off. In fact, prices are just a likely to rise if the RET is scrapped.
Worse still, cutting the renewable energy target could see an extra 150 million tonnes of carbon pollution pumped into the atmosphere between now and 2030 (the equivalent to adding nearly 4 million cars to the road).
As much as $8 billion in investment in new renewable energy projects is also being jeopardised by changes tot RET. According to this report "New South Wales and South Australia each stand to lose over $2 billion in foregone investment."
John Connor, CEO of The Climate Institute, said "this modelling highlights the cynical self-interest behind power companies' calls to weaken the Renewable Energy Target. Companies like Origin and EnergyAustralia are pushing to weaken the target not, as they like to claim, because that would be good for customers, but because a weaker target is better for their bottom line."
At a time when the rest of the world is taking action on climate change, it is disturbing that the Australian Government continues to push us backwards.
I am determined that the City of Sydney will continue to take serious action to reduce our contribution to climate change, including supporting renewable energy.
To find out more about the effects of scrapping or reducing the RET, visit http://www.climateinstitute.org.au/who-really-benefits-from-reducing-the-renewable-energy-target.html