The Large-scale Renewable Energy Target (LRET) creates a financial incentive for generating new sources of electricity from renewable energy. It is designed to deliver 33,000 gigawatt hours of additional electricity annually between 2020-2030. This target was met in January 2021 on a 12 month rolling basis. Over 33 million large-scale generation certificates (LGCs) are required to be surrendered each year in addition to certificates that are voluntary surrendered.
The expected and actual generation from power stations committed and accredited under the Renewable Energy Target (RET) are important factors in the operation of the LRET, and the LGC market’s ability to continue to meet the target.
A project is considered 'committed' when it has received all development approvals and a final investment decision within the normal commercial understanding of that term.
View the total investment in wind and solar generation capacity.
In September 2016, EY released Meeting the Renewable Energy Target: Innovative approaches to financing renewables in Australia, which assessed the market conditions for investment in large-scale renewable energy projects in Australia.
The report was commissioned by the Clean Energy Regulator and presented an analysis of constraints to financing large-scale renewable energy projects in Australia at the time.
documentasset:EY report-Meeting the Renewable Energy Target 2016
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The Clean Energy Regulator is a Government body responsible for accelerating carbon abatement for Australia.