Pacific Hydro ready to deliver a Clean Energy Future

11 July 2011

“A price on carbon will drive billions in new investment, enable energy diversification and create significant new job opportunities across the nation”, said Pacific Hydro General Manager for Australia, Mr Lane Crockett, as he welcomed the Federal Government’s announcement of its carbon pricing details.

The Australian Government has launched a comprehensive package which includes a price on carbon, supportive investment through the Australian Renewable Energy Agency (ARENA), the Clean Energy Finance Corporation (CEFC) and the Large-scale Renewable Energy Target (LRET). Together these demonstrate the critical role cleaner energy will play in Australia’s low carbon future.

Pacific Hydro strongly supports a price on carbon coupled with policies that encourage investment in renewable energy and energy efficiency which will begin the transition to a cleaner economy for Australia, driving jobs and investment.

“We congratulate the Gillard government, the Greens and Independents who have worked together to create a carbon pricing package which is critical to Australia’s future prosperity and we urge the parliament to support this policy and pass it without delay”, added Mr Crockett.

As a leading Australian renewable energy company, Pacific Hydro has been participating in global carbon markets for a number of years through its international investments.

“To remain competitive in a global environment where carbon markets operate in many major economies, a price on carbon and a move to a cleaner future in Australia is essential,” explained Mr Crockett.

“Australia may not be leading the world in pricing carbon but we have world-leading clean energy resources which can power the country into the future and create a leading platform for the next generation.”

While the coal industry has reported that future jobs growth will not be as great in their sector with a carbon price, a report released by The Climate Institute in February this year demonstrated that well over 20,000 new jobs would be created in the clean energy sector alone through policies such as a price on carbon.

However the carbon pricing package announced on Sunday (July 10) will drive an estimated $100 billion of investment in clean energy far outstripping the Climate Institute modelling and therefore is expected to create far greater job opportunities than has been previously estimated.

“The opportunities for Australia to prosper and innovate under a price on carbon are significant and must not be overlooked”, added Mr Crockett.

The Federal Government’s proposed fixed price followed by a market-based mechanism will provide the certainty and impetus for business to grow and adapt to a changing environment. The package combination of carbon pricing, energy efficiency, renewable energy and action on the land will bring broad opportunities to business, farmers and households.

“This is a measured approach that shields those most at risk in our community while beginning the critical path to reduce our skyrocketing emissions.”