RET lives as Palmer/Labor block Mr Coal

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From Fairfax:

The government’s plan to dilute the renewable energy target is in limbo as Clive Palmer has backed Labor’s decision to walk away from talks and declared he won’t be doing a deal with the Coalition either.

But the opposition defended its decision on Wednesday, saying the Coalition would not budge from its plan to nearly halve the amount of clean energy mandated by law, and accusing Labor of trying to embarrass the government ahead of G20.

The renewable energy target scheme, which was designed to produce 41,000 gigawatts per hour by 2020 enjoyed bipartisan support until very recently when the Industry Minister Ian Macfarlane announced the Coalition would seek to reduce the target to a “real 20 per cent” of about 26,000 GW/h.

They’re all embarrassing but the Abbott Government most of all on this issue.

About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.