The new budget shows that the Abbott Government is axing everything renewable and many are now preparing themselves for the Renewable Energy Target to be abolished. With all the uncertainty surrounding the RET, many wind farms and investments have been put on hold. Research is also showing that many will be out of jobs if there are changes to the RET.

“It is extremely frustrating when you have a shovel-ready project which local residents and councils want to be built and are incredibly supportive of, yet you have a review of the Renewable Energy Target which creates uncertainty in the market and makes financing difficult,” said Daniel Leahy, Developmental Manager for wind energy giant RES.

There are reports from all over the country saying that wind farms that have previously been given the go ahead, some even have relevant funding, have all been put on hold pending the RET review later this year.

The Clean Energy Council states that in Victoria alone, 17 wind farm projects that already have state government approval are unlikely to go ahead if the RET is changed. Not only this, but Victoria is likely to lose around 6 400 jobs in the industry.

“Reducing or removing the policy would mean fewer opportunities for construction workers and contractors, as well as all the industries that support them,’’ said Clean Energy Council policy manager Darren Gladman.

A new study by the International Renewable Energy Agency (IRENA) shows approximately 6.5 million people were employed in the renewable energy industry globally last year. This shows substantial increases from 5.7 million in 2012. Out of that 6.5 million 2 273 000 work in the solar power industry and 800 000 in the wind sector.

“With 6.5 million people directly or indirectly employed in renewable energy, the sector is proving that it is no longer a niche, it has become a significant employer worldwide,” said IRENA Director-General Adnan Z. Amin. Click here to read the full study.

Conservative views show that the RET has generated $20 billion in investments. With some investments being put on hold, it could be losing out on a couple billion dollars already. This is only a glimpse into what would be lost if the RET is abolished. Submissions from the public have closed and the review should be concluded later in the year. Hopefully the panel and the Abbott Government make the right decision.