The Federal Government needs to provide more incentives to superannuation funds to invest in the energy sector or risk failing to meet its 2020 renewable energy targets, according to emerging energy market adviser and fund manager Bakers Investment Group.
Bakers Investment Group has sent a submission to the Garnaut Climate Chance Review in which it has claimed that significant investment and technological advancement will need to be achieved in a very short time-frame — something that will require Government intervention and incentives such as tax offsets.
“Significant support for promoting a diversified, low-emission energy infrastructure can be provided through a combination of incentives for super fund investment in the sector and through direct tax rebates for research and development,” the submission said.
It claimed the Federal Government should introduce a taxation credit scheme that would give companies engaged in research, development and commercialisation of renewable energy a 150 per cent tax offset against expenses incurred.
The submission claimed that such a policy would stimulate private sector awareness and align private sector investment policy.
