RET threat: SA to lose $3b if renewable energy scheme scrapped

South Australia stands to lose almost $3 billion of investment if Tony Abbott dumps the Renewable Energy Target, says SA Greens Senator Penny Wright.

New figures compiled by Senator Wright show South Australia will suffer more than any other state if the popular RET is scrapped.

“South Australia cannot afford to lose the RET,” Senator Wright said. “If the RET goes, $2.9 billion of investments in clean energy will go overseas instead.

“South Australia has the highest percentage of homes with solar panels, the most energy sourced from renewables and the most investment at risk.

“If Tony Abbott gives up on renewable energy, he’s giving up on South Australia.”

Recent polling by Crosby Textor showed 82 per cent of the Australians support the RET, including 70 per cent of Coalition supporters.

"The Renewable Energy Target is cutting pollution, creating jobs and will bring power bills down. Why on earth would we get rid of it?,” Senator Wright said.

The Abbott Government is expected to respond to the Warburton review of the Renewable Energy Target by the end of the week. The Australian Greens have labelled the report “climate denier drivel” and urged the Government to dismiss its findings.

"The RET review was a huge favour for Tony Abbott's mates in the fossil fuels sector, with a hand-picked climate sceptic at the helm,” Senator Wright said.

“South Australia is leading the nation in clean energy and we have the most to lose if Tony Abbott breaks his election promise to keep the RET.”

Protect the RET - South Australian figures

•    23% of SA households now have solar – the highest percentage of households in the country.
•     These 169,015 houses collectively save $95 million a year on electricity bills (or around $560 per household).
•     If the RET was scrapped, $2.9 billion of investment in clean energy would leave SA and go overseas.[1] This is the highest level of lost investment in the country.
•   SA has 517 accredited solar installers, has 16 wind projects of 561 turbines and 1205 megawatts of capacity. We have the highest level of energy generated from renewable sources in the nation.