The Government aims to cut emissions by five per cent by 2020 and 80 per cent by 2050. They have instituted a set mark of carbon price at $23 a tonne and that will rise by five per cent a year before moving to a competitive market price in three years.
The Premier Colin Barnett has said WA would be hit hard by the tax and some of Australia's manufacturing industry businesses will close down if they do not become more energy efficient.
Senator Evans says he expects to see a competitive rise in investment in renewable energy caused by the impact of Carbon price, as there is an enormous untapped potential in solar , wind and wave energy available in Australia. On top of that, The Federal Government plans to source 20 per cent of it’s electricity from renewable sources by 2020.
The last two or three years have been a very uncertain time for renewable energy in Australia, however with the scheme of $10 billion for green power over the next five years, it will give confidence and certainty for Renewable energy businesses in wave, wind and solar to expand and grow as the country is embracing a lower carbon economy.
