Plan to set Aust up for a century

(Australian Associated Press)

Opposition Leader Bill Shorten believes Australia can become the energy capital of Asia, warning the Turnbull government’s attack on renewable energy could dud the nation out of trillions of dollars on offer.

Mr Shorten warns Australia is falling behind and missing out on an opportunity to set itself up for a century if it does not embrace renewable energy.

There’s almost $US8 trillion of global investment in renewables up for grabs in the next two decades – three times what will be invested in fossil fuels, he will tell Bloomberg in Sydney on Thursday.

“Australia has got a dream barrier draw – we are the world’s sunniest continent, one of the windiest places on earth and our universities, research centres and firms keep producing leaders in the field,” Mr Shorten will say.

“We can be the energy capital of Asia.”

Mr Shorten says Australia has lost 3000 jobs in renewable energy in the past three years, while the world has added almost three million in the industry.

Australia’s existing renewable energy target scheme will not be enough to reach Labor’s target of 50 per cent renewables by 2030, he says, calling for an emissions intensity scheme.

“The clear consensus is that it is the most effective way of cutting pollution without compromising the stability of the electricity grid.

“It will reduce power bills and reduce pollution.

“It is the cheapest way of reducing pollution.”


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