The Renewable Energy Target encourages investment in renewable energy systems. The objectives are to:
The Renewable Energy Target creates an incentive for additional generation of electricity from renewable sources. Participants create renewable energy certificates for every megawatt hour of electricity they generate (the 'supply' side). Wholesale purchasers of electricity, mainly electricity retailers, buy these certificates to meet their renewable energy obligations (the 'demand' side). They then surrender these certificates to the Clean Energy Regulator in percentages set by regulation each year.
The Clean Energy Regulator administers the Renewable Energy Target's two schemes:
The Clean Energy Regulator regulates both the 'supply' and 'demand' to ensure scheme integrity, and provides an online registry to enable the market to operate.
By creating a market-based financial incentive to generate more electricity from renewable sources, the Renewable Energy Target increases renewable energy and, in turn, helps accelerate carbon abatement for Australia.
About The Clean Energy Regulator
Carbon Farming Initiative
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Renewable Energy Target
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The Clean Energy Regulator is a Government body responsible for accelerating carbon abatement for Australia.