Renewables Sector Remains Resilient Through Pandemic
Clean Energy Regulator’s Quarterly Carbon Market Report provides useful information on trends and opportunities across the carbon markets in Australia.
The new data released in the Q1 2020 Report shows that the renewable energy and emissions reduction sectors are retaining strong performance despite the economic challenges due to the pandemic conditions.
The report also highlighted that the carbon markets for the Emissions Reduction Fund (ERF) and Renewable Energy Target (RET) are expected to deliver at least 57 million tonnes of emissions reduction in 2020, up from 49 million tonnes in 2019.
The Clean Energy Regulator has not detected any slowdown in the rate of installation of rooftop solar during the first quarter of 2020. The rooftop solar sector has seen a significant year on year increase to installations and capacity, up by 22 per cent and 33 per cent respectively.
The first quarter of 2020 demonstrated a strong result of 1.3GW of total new renewable capacity delivered, with 678MW from large-scale power stations and 609MW from small-scale renewables.
The Regulator also found that 837MW of newly committed large-scale renewable capacity reached financial close throughout the quarter, and this new capacity is consistent with investment continuing at a substantial level.
The Clean Energy Regulator report that there are still good prospects that in excess of 2GW of new projects will reach financial close this year, demonstrating the continues growth in the sector.
COVID-19 is not expected to have a material impact on Australian Carbon Credit Units (ACCUs) supply with 16 million ACCUs expected to be issued in 2020.
The majority of installations over Quarter 1 2020 were in New South Wales and Queensland, with the estimated capacity of 169MW and 166MW respectively.
Federal Minister for Energy and Emissions Reduction, Angus Taylor, said the report confirmed that Australia is continuing to be a world leader in renewable energy.
“The ERF is supporting projects that deliver on-ground practical action to reduce emissions, providing benefits to our farming and Indigenous communities, and is providing a way for business and industry to offset their emissions,” Mr Taylor said.
“Rural and regional Australia is the driving force behind emissions reduction, accounting for 82 percent of all carbon abatement across the country according to the Clean Energy Regulator,” Minister Taylor said.
For more information, read the Clean Energy Regulator’s Quarter 1 2020 Carbon Market Report.
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