Concerns Raised About Accuracy of Clean Energy Regulator’s Report on Renewables Growth
The recent report from Australia’s Clean Energy Regulator highlights the growth in renewables, with expectations of adding over 7 gigawatts of renewable energy capacity to the grid by 2024. The Clean Energy Regulator, responsible for implementing legislation to reduce carbon emissions and increase clean energy usage, projects an increase of approximately 3-4 gigawatts from large wind and solar projects, along with 3.1 gigawatts from small rooftop solar systems as outlined in its Quarterly Carbon Market Report for the second quarter.
Acting Chair Mark Williamson noted the rise in approvals for new large-scale renewable energy projects, with 1.5 gigawatts approved in the first half of the year and an additional 2.5 gigawatts under review by the end of June. Investment in large renewable energy projects is also on the rise, with 1.8 gigawatts of new capacity securing funding in the first half of the year, exceeding the total approved in all of 2023.
By the end of June 2024, the number of large-scale generation certificates increased by 7.4 million, totaling 28.5 million. Companies are actively acquiring certificates to reach their goal of utilizing 100 percent renewable electricity. In the realm of small-scale renewables, rooftop solar installations continue to expand, with 0.76 gigawatts of new installations added certificates in the second quarter, a 6 percent increase from the previous year.
Projected issuance of 20 million Australian carbon credit units (ACCUs) in 2024 is expected, with the average price of these credits remaining stable at about $33.47 in the second quarter.
While the report paints a positive outlook, Shadow spokesman for Climate Change and Energy Ted O’Brien raises concerns, questioning the report’s optimistic portrayal and emphasizing the challenges ahead. O’Brien highlights the need for more renewables and renewable energy capacity to meet Australia’s energy demands.
