Australia Renewable Energy Policy Handbook, 2023 Update
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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
Frequently asked questions
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How much Australia has planned to reduce GHG emissions in its NDC?
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.
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What are the 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.
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When was the Renewable Energy Target (RET) Scheme formulated and why?
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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