Major investors are already rethinking their plans to keep ploughing billions of dollars into Australian renewable energy after the opposition pledged to power the electricity grid with nuclear reactors, ditch Australia’s 2030 climate targets and extend the role of fossil fuels.Opposition Leader Peter Dutton has reignited the nation’s long-running climate wars this week, pledging the Coalition would build seven nuclear generators and cut short the government’s emissions reduction target.
The government’s target of cutting emissions by 43 per cent by 2030 is tied to increasing the share of renewables in the energy grid to 82 per cent, but Dutton said that would create an unacceptable risk of blackouts and power price spikes.The removal of bipartisan support for Australia’s climate targets has raised alarm among local and international investors who have poured billions of dollars into green energy projects.
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