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Federal Opposition commits to 50% renewable by 2030

Penny Wong, Labor’s foreign affairs spokeswoman has told an emissions summit today that if elected, Labor’s emission target would be a 45% reduction on 2005 levels. The current target under the Coalition is 26% on 2005 levels.

Labor has also committed to a target of 50% of energy to be renewable by 2030. Currently, the Coalition is committed to 23.5% by 2020 through the RET scheme. Senator Wong advised that whilst her party has reservations on the National Energy Guarantee they would build on the Guarantee if possible rather than replace it.

The comments from Senator Wong carry significant weight as the potentially large increase in the renewable energy target will require further investment. At this stage, the next federal election is expected to occur in 2019. Technically an election will not have to take place until November 2019 however norm dictate that it is held with the senate election which must be held no later than 18 May 2019.

Edge note that the current renewable generation target only captures renewables constructed after 2001 and therefore does not include Snowy Hydro. From the comments today it is unclear if the Labor party plan to use the same basis for measurement.

If you would like to speak with an energy expert regarding your electricity portfolio, please contact Edge on (07) 3905 9220 or 1800 334 336.