The Wire

Today’s Senate decision removes Australia’s carbon tax and also removes more than 700 million dollars from the Australian Renewable Energy Agency. Thisagency is the first stop for potential investors in new renewable projects in Australia, helping them shape the project and look for funding. Renewable energy advocates say this will exacerbate the ‘Valley of Death” effect investors face when trying to get new projects off the ground. It comes a day after a report showing that Australia seriously lags behind the rest of  the developed world in investment in renewables.