In its effort to spur new investment, Penny Wong has split the contentious renewable energy target scheme into two. This would also help the company to prevent a looming investment strike. The climate change minister in Australia today announced a scheme for household and one more separate scheme for renewable energy projects.

The opposition and the renewable energy industry had been calling for the changes since past lot of weeks which finally came down on Friday. The 20 percent of Australia's energy consumption by 2020 will be derived from the renewable energy sources preventing the use non-renewable energy sources thereby saving the world environment and boosting the confidence of renewable energy sources.

The price after the announcement declined to 30 dollars against an expected 50 dollars, however the climate change minister further added that this could cost the consumers an extra 3-4 dollars by the time it reaches them. Large scale projects are expected to deliver 41,000 Gigawatt hours of energy. The changes are required to be approved by Parliament.