Australia Renewable Energy Policy Handbook, 2023 Update

Pages: 44 Published: April 07, 2023 Report Code: GDAE1559P

Report Overview
Table of Contents
Tables
FAQ

Australia possesses vast unused renewable energy potential. In order to tap this potential, the government has adopted various measures, such as the introduction of new policy instruments, efforts to attract investment, and making renewable energy an integral part of the energy policy.

Major Policies & Incentives

Renewable Energy Target (RET) Scheme, Small-scale Renewable Energy Scheme, Large-scale Renewable Energy Target, State Level Policies and Incentives of South Australia, New South Wales (NSW), Victoria, Tasmania, Queensland, Australian Capital Territory, Western Australia, and Northern Territory

The Australia renewable energy policy handbook offers comprehensive information on major policies governing the renewable energy market in the country. The report also discusses renewable energy targets and plans along with the present policy framework, giving a fair idea of the overall growth potential of the renewable energy industry. Moreover, the report provides major technology-specific policies and incentives provided in the country.

Australia Renewable Energy Market Dynamics

The Renewable Energy Target (RET) scheme, which was initiated in 2009, set a target to achieve annual generation of 33 TWh from renewable sources by 2020 (this target was achieved) and the provinces had their individual targets. The RET scheme is valid till 2030, the government aims to continue to secure 33TWh generation from renewable sources in its annual power generation.

The country’s Prime Minsiter has also stated that Australia will soon become a ‘renewables superpower’ and cater to the needs of South Asian countries. The government also has pledged to increase the share of renewable power generation in Australia’s main National Electricity Market to more than 80% by 2030. The prime minister has also promised renewable friendly policies including an AUD 20bn ($14bn) investment in the country’s transmission network. It is to be noted that these are the party’s pledges and not definitive targets.

Major Policies & Incentives in the Australia Renewable Energy Market

Some of the major policies & incentives in the Australia renewable energy market are the Renewable Energy Target (RET) Scheme, Small-scale Renewable Energy Scheme, Large-scale Renewable Energy Target, State Level Policies and Incentives of South Australia , New South Wales (NSW), Victoria, Tasmania, Queensland, Australian Capital Territory, Western Australia, and Northern Territory.

Renewable Energy Target (RET) Scheme: The RET scheme supersedes the previous Mandatory Renewable Energy Target (MRET) scheme, which was introduced in 2001. The MRET scheme obligated large wholesale buyers of power to support renewable energy generation. The liable parties were directly accountable for enhancing the amount of electricity produced from renewable energy sources and were required to submit RECs equivalent to their renewable power acquisitions.

Small-scale Renewable Energy Scheme: The SRES provides financial incentives for the installation of eligible small-scale installations such as solar water heaters, solar panel systems, heat pumps, small-scale hydro systems, and small-scale wind systems. In order to promote small-scale installations, the government has created the demand for STCs, which are awarded to small-scale installations based on the amount of power they generate or displace.

Large-scale Renewable Energy Target: LRET schemes are aimed at large-scale renewable energy projects such as wind farms and commercial solar and geothermal projects, which are expected to make the largest contributions to the achievement of the 2020 target.

To know more about renewable energy policies & incentives in Australia, download a free report sample

Scope

The report covers policy measures and incentives used by Australia to promote renewable energy.

The report details promotional measures in Australia both for the overall renewable energy industry and for specific renewable energy technologies that have potential in the country.

Reasons to Buy

The report will enhance your decision-making capability in a more rapid and time-sensitive manner. It will allow you to:

Develop business strategies with the help of specific insights about policy decisions being taken for different renewable energy sources.

Identify opportunities and challenges in exploiting various renewable technologies.

Compare the level of support provided to different renewable energy technologies in the country.

Be ahead of the competition by keeping yourself abreast of all the latest policy changes.

Table of Contents_x000D_

1. Renewable Energy Policy, Australia_x000D_

1.1 Renewable Energy Market, Overview_x000D_

1.2 Renewable Energy Targets_x000D_

1.3 Policy Snapshot_x000D_

1.4 Renewable Energy Policy Framework_x000D_

– Renewable Energy Target (RET) Scheme_x000D_

– Climate Change Target 2030_x000D_

– Long Term Emissions Reduction Plan_x000D_

– Offshore Clean Energy Infrastructure Regulatory Framework_x000D_

– Financial Incentives and Policy Support for Solar Power, Australia, Federal Incentives_x000D_

– Clean Energy Finance Corporation (CEFC)_x000D_

– Emissions Reduction Fund (ERF)_x000D_

– National Hydrogen Strategy_x000D_

– Australia-Germany Hydrogen Accord – Hygate program_x000D_

– Clean Hydrogen and Carbon Capture Fund_x000D_

– Microgrids_x000D_

– Australian Clean Hydrogen Trade Program (ACHTP)_x000D_

1.5 State Level Policies and Incentives-South Australia_x000D_

– South Australia_x000D_

– South Australia Renewable Energy Auctions_x000D_

– Renewable Energy Program_x000D_

– The Sustainability Incentives Scheme_x000D_

– South Australia Energy and Emissions Reduction Agreement_x000D_

– National Hydrogen Strategy – South Australia_x000D_

1.6 State Level Policies and Incentives-New South Wales (NSW)_x000D_

– Electricity Infrastructure Roadmap._x000D_

– Assessing large-scale solar projects in NSW_x000D_

– Feed-in Tariffs_x000D_

– Funds for Renewable Energy in Regional Communities_x000D_

– Solar Homes Policy_x000D_

– Solar for Low Income Household_x000D_

– Empowering Homes: Solar Battery Loan Program_x000D_

– NSW Energy and Emissions Reduction Agreement_x000D_

– National Hydrogen Strategy – New South Wales_x000D_

– Small-scale Technology Certificates_x000D_

1.7 State Level Policies and Incentives-Victoria_x000D_

– Renewable Energy Action Plan_x000D_

– Victoria’s Climate Change Strategy_x000D_

– Feed-in Tariffs_x000D_

– Agriculture Energy Investment Plan (AEIP)_x000D_

– New Renewable Energy Target for Victoria (VRET)_x000D_

– The Victorian Renewable Energy Auction Scheme (VREAS)_x000D_

– Renewable Hydrogen Commercialization Pathways Fund_x000D_

– Victorian Big Battery (VBB)_x000D_

– National Hydrogen Strategy – Victoria_x000D_

1.8 State Level Policies and Incentives-Tasmania_x000D_

– Feed-in Tariffs_x000D_

– Renewable Energy Action Plan_x000D_

– Renewable Energy Target_x000D_

– Tasmania Energy and Emissions Reduction Agreement_x000D_

– National Hydrogen Strategy – Tasmania_x000D_

– Tasmanian Renewable Hydrogen Action Plan_x000D_

1.9 State Level Policies and Incentives-Queensland_x000D_

– Feed-in Tariffs_x000D_

– Queensland Renewable Energy Auctions_x000D_

– Queensland interest-free solar loans_x000D_

– Solar 150 initiative_x000D_

– CleanCo_x000D_

– National Hydrogen Strategy – Queensland_x000D_

1.10 State Level Policies and Incentives-Australian Capital Territory_x000D_

– ACT Renewable Energy Auctions_x000D_

– Home Battery Storage Program_x000D_

– Rooftop Solar Scheme_x000D_

– Sustainable Household Scheme_x000D_

– National Hydrogen Strategy – Australian Capital Territory_x000D_

1.11 State Level Policies and Incentives-Western Australia_x000D_

– Climate Policy_x000D_

– Energy Transformation Strategy_x000D_

– Distributed Energy Buyback Scheme (DEBS)_x000D_

– National Hydrogen Strategy – Western Australia_x000D_

1.12 State Level Policies and Incentives-Northern Territory_x000D_

– Roadmap to achieve Renewable Energy Target_x000D_

– Incentives for Renewable Energy_x000D_

– Solar Energy Transformation Program (SETuP)_x000D_

– National Hydrogen Strategy – Northern Territory_x000D_

2. Appendix_x000D_

2.1 Abbreviations_x000D_

2.2 Market Definitions_x000D_

– Power_x000D_

– Renewable Power_x000D_

– Installed Capacity_x000D_

– Electricity Generation_x000D_

– Electricity Consumption_x000D_

2.3 Methodology_x000D_

– Coverage_x000D_

– Secondary Research_x000D_

– Primary Research_x000D_

– Modelling and Forecasting_x000D_

List of Tables

Table 1: Policy Snapshot, Australia, 2022

Table 2: New Large-scale Renewable Energy Target, Annual Targets, Australia (TWh), 2015–2030

Table 3: HyGATE program

Table 4: Time-Varying Minimum FiTs, 2022

Table 5: Tasmanian Renewable Hydrogen Action plan Targets

Table 6: Renewable Energy Reverse Auction Winners, ACT, Australia

Table 7: Capacity and number of generators by tariff in 2021

Table 8: Renewable Hydrogen Strategy, Western Australia

Table 9: Abbreviations

Frequently Asked Questions

In 2022, the newly formed labor government has indicated that it will raise the target to reduce GHG emissions by 43% from 2005 levels by 2030.

Some of the major policies & incentives in the Australia renewable energy market are the Renewable Energy Target (RET) Scheme, Small-scale Renewable Energy Scheme, Large-scale Renewable Energy Target, State Level Policies and Incentives of South Australia, New South Wales (NSW), Victoria, Tasmania, Queensland, Australian Capital Territory, Western Australia, and Northern Territory.

In August 2009, the government introduced the RET scheme to deliver on the government’s assurance that 23.5% of electricity will be derived from renewable sources by 2020, this target was achieved.

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