AUSTRALIA's 20 per cent renewable energy target has helped spark $18.5 billion in new clean energy investment since its inception - and will drive another $8.8 billion to 2030 - an economic analysis commissioned by the industry's peak body has found.
The modelling to be released today by the Clean Energy Council also says Australia would have failed to meet its greenhouse gas targets under the United Nations Kyoto Protocol without the target in place.
The modelling - carried out by firm Sinclair Knight Merz - comes on the eve of a discussion paper to be released by Australia's Climate Change Authority as part of its review into the role and performance of the renewable energy target.
The target mandates that 20 per cent of Australia's energy is to come from renewables by 2020.
Numerous industry groups - including energy giant Origin and the Business Council of Australia - are calling for the scheme to be reduced or dumped due to concerns the target may be overshot and have uneven impacts on energy markets and prices.
But renewable energy and environment groups want the target left untouched and say it, along with the carbon price, is crucial to cleaning up Australia's energy supply.
Amid its findings the Council's modelling says Australia's carbon emission are now 20 million tonnes lower than they would have been without the target.
Since 2001, $18.5 billion in new clean energy investment has occurred, with a large proportion driven by the target. From 2012 to 2030 investment worth another $18.8 billion will occur the modelling says, though the carbon price scheme will drive $9.9 billion of that.
The modelling also finds if left in place the renewable energy target will also mean generation from coal-fired power will be 12 per cent lower in 2030 than without the scheme, and gas-fuelled power generation 13 per cent lower.
The target has and will continue to reduce wholesale electricity prices, the modelling finds. But that is largely eclipsed by increased costs for power retailers - who have to buy certificates to meet obligations under the target - passed on to consumers.
Recently Australian Energy Market Commission chairman John Pierce warned the renewable energy target was distorting power markets.