The Quarterly Carbon Market Report–Quarter 4 2019 released today by the Clean Energy Regulator shows that throughout 2019, Renewable Energy Target (RET) and Emissions Reduction Fund (ERF) carbon markets delivered more than 50 million tonnes of carbon dioxide equivalent abatement towards the Paris Agreement targets and this is expected to ramp up to more than 59 million tonnes in 2020.
David Parker, Chair of the Clean Energy Regulator, reported that total renewable investment grew strongly to a record 6.3 GW in 2019 – this is a record year for carbon markets in Australia. It is expected that 2020 will achieve similar results, although the mix of renewables will likely differ.
“This ongoing growth demonstrates the RET has not acted as a cap on renewable investment. On the contrary the market is finding a way to maintain investment levels. Including rooftop solar, the RET generated almost 44 TWh in 2019 and we expect to see the biggest step up to 56 TWh in 2020,” Mr Parker said.
“The Report also shows that 25 per cent of electricity in 2019 came from renewables and this is predicted to grow to 34 per cent by 2023.
The ERF also hit a record year with almost 15 million Australian Carbon Credit Units (ACCUs) issued in 2019. This is likely to rise to over 16 million ACCUs in 2020.
An optional delivery contract under the Climate Solutions Fund is being trialled to increase flexibility for project developers. This will likely result in an increase in project registrations in 2020.
This Quarterly Carbon Market Report covers market activity for Quarter 4 2019 and provides an overview of the three national carbon markets for the year 2019. The Quarterly Carbon Market Report – Quarter 1 2020 is expected to be released at the end of May 2020.
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