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Australia Should Stick With Renewable Energy Goal, Adviser Says

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Dec. 19 (Bloomberg) -- Australia’s climate change adviser recommended sticking with the government’s 2020 renewable energy target to give investors confidence in the industry.

Reviews of the policy to encourage investment in wind and solar power should occur every four years, rather than every two years, the Climate Change Authority said today in a final report on the matter.

Australia should retain its plan to get 41,000 gigawatt hours of electricity from renewable sources by 2020, even though it would put the country on course to source about 25 percent of its power from renewable energy rather than the 20 percent initially intended, the adviser said in its preliminary review in October. Some power companies including CLP Holdings Ltd.’s Australian unit said the target should be lowered to account for falling electricity demand and to cut costs.

Today, renewable energy accounts for more than 10 percent of Australia’s power generation, according to the authority.

To contact the reporter on this story: James Paton in Sydney at jpaton4@bloomberg.net

To contact the editor responsible for this story: Andrew Hobbs at ahobbs4@bloomberg.net

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