13 November 2014 Labor is protecting renewable energy jobs and investment by rejecting Tony Abbotts plan to cut the Renewable Energy Target by 40 per cent. Sharon Claydon said Tony Abbotts plan to cut the Renewable Energy Target will also put upwards pressure on electricity prices, while allowing pollution to rise.Labor believes the Renewable Energy Target is a critical part of Australias response to climate change, Ms Claydon said. Not only is it making a difference to our emissions, it has delivered millions of dollars of new investment and thousands of new jobs in Australia. More than $60 million has been directly invested in Newcastle through the Australian Renewable Energy Agency with hundreds of millions in private investment providing a significant boost to our local economy. The evidence shows that Tony Abbotts plan to cut the Renewable Energy Target will put upwards pressure on electricity prices in Newcastle. Tony Abbott is refusing to take meaningful action on climate change. He has no interest in transitioning the Australian economy to a clean energy future. Despite Tony Abbotts promise at the last election to keep the Renewable Energy Target, it is clear that the Abbott Liberal Government is determined to cut the target and put our clean energy future at risk. Tony Abbott has broken the long-standing bi-partisan commitment to the RET and has already ensured that Australia is the only country in the world to reverse action on climate change. Labor will continue to protect Australias Renewable Energy Target.