Pacific Hydro Withdraws $1B From Australia Over Low Renewable Energy Cap

[hatrack]

"PACIFIC Hydro will transfer about $1 billion of development offshore over the next decade as a result of the Federal Government's decision to maintain a 2 per cent mandatory renewable energy target (MRET).

Australia's largest renewable energy company yesterday said the Government had made it clear it would not budge on the 2 per cent target any time soon, despite international pressure to cut carbon dioxide emissions.

As a result Pacific Hydro has moved to accelerate its offshore plans at the expense of domestic development.

"We're planning on the MRET staying at 2 per cent for some time so we have a thrust into Chile and we're looking now at a wind project and a hydro project in Europe and at wind and hydro projects in Canada," Pacific Hydro managing director Jeff Harding said after the company's annual general meeting yesterday."

EDIT

http://www.thecouriermail.news.com.au/common/story_page/0,5936,11122236%255E3122,00.html

[phantom power]

1. are they trying to make the US seem less idiotic by comparison?

I'd hate to see us lose our standing as the most backward-thinking industrialized nation.