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$2 billion investment boom set to cut Australia's greenhouse emissions.



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Media Releases and Speeches

Senator the Hon Robert Hill

    Leader of the Government in the Senate      Minister for the Environment and Heritage

 

4 April 2001

$2 billion investment boom set to cut Australia's greenhouse emissions Australia has taken another major step toward cutting greenhouse gas emissions with new renewable energy regulations coming into effect this week.

The new regulations are expected to spark an unprecedented $2 billion investment boom in renewable energy projects.

Federal Environment Minister Robert Hill says despite the uncertainty currently surrounding the Kyoto Protocol, Australia is pushing ahead in its efforts to combat global warming.

"We are already taking significant steps to reach our Kyoto target with $1billion already targeted through specific programs to reduce greenhouse emissions.

"The new regulations coming into force this week are also a part of that response.

"This world-leading legislation will stimulate a whole range of new renewable energy generation from large scale wind farms to very small renewable energy systems to solar water heaters.

"Energy suppliers will be required to source an additional two per cent of their power from renewable sources. That's enough energy to supply the residential electricity needs of a city of four million people.

"It's all part of the positive response which Australia is making to this global challenge."

Senator Hill says that even individual home owners installing solar water heaters may be eligible for renewable energy certificates and can contribute toward the achievement of the Government's mandatory renewable energy target.

"The inclusion of domestic solar hot water systems under the mandatory renewable energy target allows community participation in the renewable energy market and reap the financial and environmental

benefits.

"The market will determine the eventual value of the certificates. Depending on the price and number of Certificates a system is eligible for, buyers could expect a significant reduction in the price of a solar water heater."

Wednesday, April 4, 2001

Contact: Belinda Huppatz (Senator Hill's office) 02 6277 7640 or 0419 258 364 Further information about the Renewable Energy (Electricity) Act 2000 is available from www.greenhouse.gov.au/markets/2percent_ren or by telephoning the Office of the Renewable Energy Regulator on 02 6274 2192 during business hours.