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VEET to remain for 2015


Source: Climate Spectator, 17 Oct 2014

The Victorian Coalition Government has chosen to withdraw its bill from the parliament’s lower house to cut and then abolish the Victorian Energy Efficiency Target, otherwise known as the Energy Saver Incentive scheme, which obligates electricity retailers to reduce carbon emissions via supporting products that save energy.

This proposed legislation would have reduced the scheme’s target from 5.4 million tonnes of CO2 abatement certificates down to 2 million for next year and then close the scheme at the end of 2015.

According to a government official from the Department of State Development, Business and Innovation, the failure to pass this bill means the scheme’s target will default to a level “roughly equivalent to an annual scheme liability of 5.4 million” CO2 abatement certificates.

The Minister for Energy Russell Northe has announced that if the government is re-elected in the November state election, it will aim to reintroduce the bill to reduce the scheme target and abolish it, and could still do this as late as May 31, 2015.

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