19 August 2013 — Confidential data obtained from banks and financial analysts show that under a Coalition government, around $4.1 billion in private investment would be diverted from large-scale renewable projects.
The Sydney Morning Herald reported that sources in the financial industry were concerned that regulatory uncertainty and a lack of returns would starve the clean energy sector of capital, and big business was preparing for the impact of cutting the carbon price and dismantling the Clean Energy Finance Corporation.
With the Coalition confirming support for the Renewable Energy Target, an industry analyst predicted there would be a large scale construction of wind farms after 2016 to meet the 2020 target of 41,000GWh.
“Under this scenario, the winners are probably going to be the gas guys and the wind guys,” the source told SMH. “You will see a charge towards getting lots and lots of wind farms up at lowest cost because you have still got to meet the [renewable energy target]. It’s going to change the shape of the industry.”
The Climate Institute last week released a report stating there was a $4 billion black hole in the Coalition’s direct action plan, and without plugging it emissions would rise nine per cent by 2020, instead of reduce by five per cent, as both major parties have agreed to.
- Read our story in Election watch: from credibility gaps to yawning chasms
Opposition Leader Tony Abbott on the weekend confirmed, however, there would be no increase in funding.
“I want to just say of our direct action policy that it’s funded, it’s costed and it’s capped,” he told a reporter.
Read more at SMH.