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The purpose of the Renewable Energy Target is to encourage investment in renewable energy and reduce greenhouse gas emissions. It does this by creating a market for renewable energy certificates, which help drive investment in the sector.
On the supply side of the market, participants create certificates for each megawatt hour of renewable energy generated or displaced (no longer required from the grid). On the demand side, liable entities (mainly electricity retailers) source certificates in proportion to the total electricity they acquire in an assessment year.
The Renewable Energy Target comprises the:
The Large-scale Renewable Energy Target and Small-scale Renewable Energy Scheme are set out in the Renewable Energy (Electricity) Act 2000.
The Act provides for electricity used for emission-intensive trade-exposed activities to be exempt from Renewable Energy Target liability.
For more detail on how the Renewable Energy Target works, see www.cleanenergyregulator.gov.au.
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The Clean Energy Regulator is a Government body responsible for accelerating carbon abatement for Australia.