Australia may miss emission reduction targets

Australian analysts predict that the country is currently at risk of missing its 2020 renewable energy targets, and if it does, consumers will be forced to foot the bill for penalties. 2016 is being viewed as a “make or break” year for achieving emissions reductions targets, which aim to deliver approximately 23% of Australia’s energy from clean sources such as wind and solar.

Australia risks not hitting its 2020 renewable energy target with analysts now forecasting that interim goals will be missed – a situation that will trigger penalties that households will have to pay.

Many in the energy industry agree that this year will be "make or break" for achieving the end-of-decade target, which aims to deliver about 23 per cent of Australia's electricity from clean technologies such as wind and solar.

Households will ultimately have to pay the price for renewable energy targets. Credit: Getty Images

"This year is critical" said Kane Thornton, who heads the Clean Energy Council.

"We are expecting all the major players will start taking action, meaning projects can move quickly, will reach financial close and construction will get under way."