The federal opposition has announced it will support the Clean Energy Council’s compromise position on the Renewable Energy Target.

Opposition leader Bill Shorten said that every day the situation went on jobs were lost and projects were shelved.

“Labor is working with the renewable energy sector to stop any more damage,” Mr Shorten said.

“The Abbott Government’s dishonesty and incompetence has almost destroyed Australia’s renewable energy industry.”

He said that since Mr Abbott was elected, investment in renewable energy had fallen 88 per cent, compared with a global rise in investment of 16 per cent.

“Under Labor, wind power tripled, jobs in the renewable energy sector tripled, homes with rooftop solar panels soared and pollution levels started to reduce,” he said.

“By 2013, Australia was rated one of the four most attractive places to invest in renewable energy, alongside China, the US and Germany. Under Tony Abbott, it has now dropped to tenth.”

Mr Shorten said that Labor, if elected in 2016, would use the compromise position of 33,500 gigawatt-hours by 2002 as a floor, potentially increasing its level on the advice of the sector.

Labor has also agreed that emissions intensive trade exposed industries should be exempt.