The Victorian Labor Party has flagged – for the first time – that it may revitalise a state-based renewable energy target if the national target is closed to new business, or drastically wound back by the Federal Coalition government.
There has been increased talk about a VRET in recent months, particularly leading up to the state election later this year. Victoria’s VRET, under Labor a decade ago, single-handedly kept the renewable industry alive when the then Energy Minister Ian Macfarlane pulled the plug on John Howard’s MRET. Macfarlane is once again at the controls of policy, and seems determined to repeat the dose.
Such a move would mean a third Labor government with a renewable target more ambitious than the federal target. ACT has a 90% renewable energy target for 2020, and a feed in tariff set by an auction process funds that development. South Australia recently lifted its state-based target to 50 per cent in 2025, from its already met target of 33 per cent in 2020, but that relies on the national RET staying in place.