A new analysis warns that the Coalition's proposal to limit renewable energy expansion could block at least $58 billion in private investment and halt billions in community spending. The estimate by Green Energy Markets, commissioned by the Clean Energy Council (CEC), models a cap on renewables at 54% of total energy use, as assumed in Frontier Economics modelling used to support the Coalition's nuclear policy.
Under this scenario, nearly 29 gigawatts of new large-scale solar and wind farms would not be built, resulting in the loss of 37,700 full-time construction jobs and 5,000 ongoing operations and maintenance positions. The CEC's chief executive, Kane Thornton, said the policy would cost 'real dollars for farmers, real dollars for country towns and real blue-collar jobs that pay Australians’ bills'.
The analysis was released ahead of a debate between Climate Change and Energy Minister Chris Bowen and Opposition shadow minister Ted O'Brien. The Coalition plans to bridge the gap by extending coal plant life and increasing gas use until taxpayer-owned nuclear plants are built after 2040. It has not set a formal 54% cap but opposes further solar and wind expansion and would scrap Labor's $20 billion rewiring the nation fund.
Labor released separate analysis arguing the nuclear policy could cause blackouts, costing billions, due to reliance on ageing coal plants. Energy department advice showed 22% of coal capacity was unavailable last year, and a two-hour blackout could cost $2.8 billion. Bowen said Australia needs 'new, cheap power now'.
Meanwhile, Greens leader Adam Bandt plans to propose a policy giving renters the right to install taxpayer-funded solar panels up to 8 kilowatts, paid for through a $10 billion fund from Snowy Hydro. Landlords could not refuse except under specific conditions. Bandt said the policy is 'good for renters, good for the environment'.
