The high stakes political standoff over the renewable energy target will freeze new investment, cause the collapse of existing projects and within a few years trigger a “penalty” provision that would hike power bills by three times as much as the now-repealed carbon tax.
The renewable energy industry, Labor and the Greens are adamant these dire consequences are entirely the fault of the Abbott government, accusing the Coalition of breaking its election promise to keep the RET, abandoning bipartisanship over the policy and proposing drastic cuts to the target that would be even worse for the industry.
The Labor leader, Bill Shorten, said there was no point continuing with the talks “because Tony Abbott is a climate change sceptic and election promise breaker” and “there is no point in leading people up the garden path” or having negotiations with people who didn’t want to negotiate.
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