Origin Energy has welcomed passage of the Government’s Renewable Energy Target (RET) legislation to deliver 20 per cent renewable electricity by 2020.

Origin Executive General Manager, Policy and Sustainability, Mr Carl McCamish said the RET legislation was a great start in providing a cohesive policy framework to position Australia for a lower carbon future.

“Along with the Carbon Pollution Reduction Scheme (CPRS) and the right support for investment in electricity transmission, the RET scheme will be an important factor in whether companies invest in the infrastructure required to deliver carbon emissions reductions in Australia,” said Mr McCamish.

“The passing of the RET legislation provides a green light to progress with a pipeline of renewable energy projects. “Our view is that in order to meet this target a substantial amount of wind - potentially 6,000 MW - will need to be built across the industry, which will drive investments in the vicinity of $12 billion to $18 billion over the next decade.

“We must also continue to develop promising new technologies including hot rock geothermal and solar so that we realise their full potential as fuels for the future,” he added.

“The RET should nevertheless be seen as a transitional measure. In the longer term, the CPRS is the lowest cost way to drive investment in cleaner technologies. We encourage all political parties to negotiate a workable agreement to ensure that the CPRS is passed as soon as possible,” Mr McCamish said.

Tags: Origin Energy