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A new political party has been established which supports the maintenance of the current Renewable Energy Target (RET) and seeks to increase Australia's emission targets.

The Australian Progressive Party (APP) will also reintroduce an Emissions Trading Scheme (ETS).

The party said it seeks to provide certainty for an industry that is currently suffering from the "inconsistency and short-sightedness" of successive governments.

APP policy aims to maintain the current 41,000 GWh target and to ntroduce emission targets to a 15 per cent reduction on 2000 levels by 2020 compared to the current five per cent.

The current RET mandates that 20 per cent of Australia's electricity is to be generated from renewable sources by 2020.

However, the federal government has just announced plans to scale back this target and is seeking parliamentary support.

Independent modelling commissioned by the Climate Institute has found that abolishing the RET could diminish investment in renewable energy by almost $11 billion.

Australian Progressive Party executive director Kathryn Crosby said renewable energy is a crucial driver of Australia's future economy.

She said renewable energy technologies are by far the best available science for the future of energy production.

The party has also put the coal-fired power generation industry on notice, stating that its days are numbered. "Coal power stations will not be offered free permits under the emissions trading scheme, and other industry assistance will be wound back," Crosby said.

This is the second policy to be released by the party which is also seeking public feedback at www.progressives.org.au

The Federal Government said the current RET doesn't represent a "real" 20 per cent.

The target legislated in 2009 was set at 41,000 gigawatt hours, which based on electricity demand at the time would have represented 20 per cent of the electricity produced in Australia in 2020.

But in recent years, electricity demand has collapsed, meaning the 41,000 gigawatt hour target is now closer to 27 per cent.

Labor Leader Bill Shorten labelled talk of a "real 20 per cent" a fraud.

"The truth of the matter is that renewable energy is now a part of our energy mix," he said.

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