Opposition Leader Peter Dutton’s proposed nuclear power plants and junking of emission reduction targets risks “catastrophic damage” to billions of dollars of planned investment in clean energy and blots Australia’s reputation as a leader in the green economy transition, say two peak bodies for renewable energy investors.

Building a nuclear industry from scratch was incompatible with a “timely and cost-efficient” energy transition, warned the Clean Energy Investor Group (CEIG), which represents 18 domestic and international investors with a combined Australian portfolio of over $38 billion and more than 76 clean energy assets under management.