Australia Renewable Energy Target Endorsed; To Spark Activity
 

CANBERRA -(Dow Jones)- The Council of Australian Governments Thursday formally endorsed the final design of a plan for a Renewable Energy Target that aims to have 20% of the nation's electricity generated from renewable sources by 2020, up from about 8% now.
The endorsement of the RET by the council, which brings together the leaders of federal, state and territory governments, will provide certainty for investors, driving substantial investment and employment in the renewable energy sector, according to a joint statement by Prime Minister Kevin Rudd, Climate Change Minister Penny Wong and Environment Minister Peter Garrett.
"It will help transform the electricity sector and drive the low-pollution electricity generation that we need to tackle climate change," the statement said.


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