Poor policy environment for renewables in Australia forces job cuts
Pacifc Hydro, one of the largest renewable energy developers in the country is announcing further job cuts mostly due to uncertainties of the renewable energy market and poor policy.
Bad news from Australia since Pacifc Hydro, one of the largest renewable energy developers in the country is announcing further job cuts. Local news detail that “PacHydro, which is owned by Industry Funds Management and was once Australia’s leading developer of wind farms, is placing all of its $2 billion in Australian renewable energy developments on hold, partly because of the poor policy environment, and partly due to its own internal financial problems.”
These two factors have triggered the need to reduce staff “by around one quarter from last year’s level of 300” following a cut done the previous year of around 10% of the workforce due to uncertainties of the renewable energy market. The local news directly point at the current government stating that this is “caused by the Abbott government’s insistence it conduct another review of the (environmental) policy, headed this time by a climate change denier and pro-nuclear advocate Dick Warburton.”
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Source: REnew Economy