Keeping abreast of market trends and developments is critical to ensuring we are performing effectively as a technologically empowered and culturally aware agency. Our markets will continue to be underpinned by rigorous regulatory standards which in turn will increase the level of confidence in the growing number of certificates and units we issue. We will continue to actively develop these markets including taking a more proactive, transparent approach to publishing information and regulatory guidance that informs market and scheme participants.
2017 was a busy year as renewable energy was embraced by the Australian public more than ever before. We announced that the 2020 Renewable Energy Target will be met, as record levels of investment have created momentum sufficient to meet Australia’s target. We expect the coming years to see even more capacity provided, placing downward pressure on electricity prices. For the agency, this means a significant increase in the volume of power station accreditations and large-scale generation certificate creations. We have commenced work to streamline these processes to allow us to meet this increasing demand while making it easier for our clients to apply for and receive their certificates more quickly.
We will continue to value client engagement including working collaboratively with industry and other stakeholders to improve our guidance, assistance and frameworks for encouraging compliance. As our compliance approach has matured with experience and innovation, we will be taking a more targeted and firmer stance on compliance across all of our schemes. We have a dedicated Compliance Management Committee that meets regularly and works with other government, non-government and law enforcement agencies to achieve mutually beneficial outcomes and share information and intelligence as appropriate. I also support the role the Members undertake in setting the strategic direction for the agency through my participation in the Joint Agency Executive Steering Committee.
As an economic regulator, we remain conscious of the extreme importance of ensuring our governance, risk and assurance processes are effective and robust. As Members of the Clean Energy Regulator, we continue to take the lead in setting agency risk posture and regularly engage in systematic consideration and review of risk settings. This allows us to proactively address risks and manage our governance and control environment accordingly. Further assurance is provided to Members through our involvement in agency governance committees–for me that means serving as an observer on the agency’s Audit Committee. With our continued focus on sound assurance and governance, I am confident that the agency will continue to perform as a well-regarded and trusted regulator well into the future.
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The Clean Energy Regulator is a Government body responsible for accelerating carbon abatement for Australia.
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