Global energy giants say leave renewable target alone

By Giles Parkinson,

Two global industrial giants have come out in support of the government’s Renewable Energy Target, with Korean industrial group Samsung saying it was looking to invest billions of dollars in renewable energy in Australia – but only if the scheme was not tampered with.

Samsung Construction and Trading Corp general manager Chang-hyun Song said the company was looking to match its investment in Canada, where it has signed a $7 billion deal to build 2,500MW of wind and solar farms in the province of Ontario, and to establish manufacturing operations there. Samsung generated $44 billion in revenues last year, and profits of $4.6 billion.

In its submission to the Climate Change Authority’s review of the RET, Samsung says it has been working for the past year to establish a portfolio of utility-scale renewable energy project developments in Australia on a similar scale to Ontario.

It would do this through a mixture of financing, equity investment and construction services, but it was a commitment based on three key drivers:  Australia’s excellent wind and solar resources, a broadly supported clean energy policy, and a relatively new market that requires significant capital investment – up to $30 billion to build up to 10,000MW of capacity… Read more


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