The Council of Australian Governments (COAG) yesterday endorsed the Federal Government’s renewable energy target (RET) which will potentially result in a $20 billion investment into the Australian renewable energy industry.

The RET will be set at 20 per cent renewable energy generation for Australia by 2020, meaning thousands of new jobs in the sector could be created almost immediately.

"We applaud COAG’s decision to endorse these measures, which will see Australia come out of the shadows in terms of renewable energy investment and has the potential to put Australia back in its rightful place as a world leader in the field", commented Rodger Meads, Managing Director of Conergy Pty Ltd.

"We have long been waiting for announcement like this which means we are finally able to look to the future of the Australian sector with certainty", Mr Meads continued.

The RET bill will be tabled in the coming weeks before Federal Parliament and is expected to be approved swiftly. This will unleash the renewable energy industry’s investment into Australia as a secure and long-term growth market.

Mr Meads commented: "Conergy has been pushing for political commitment to the renewable energy sector for some years now and we are happy that we now see these efforts rewarded. We are committed to Australia and see these measures as a vital signal to increase our investment in the Australian economy."