Today, 19 December 2012, the Climate Change Authority provided
the Minister for Climate Change and Energy Efficiency with the
Final Report of the Review of the Renewable Energy Target.
In summary, some of the key recommendations are:
the large-scale Renewable Energy Target should remain fixed in
terms of gigawatt hours and there should be no change to the
shortfall charge at this point in time;
the next review of the Renewable Energy Target should be in
2016 (not 2014) and particular regard should be given at that point
in time to:
the fact that the Renewable Energy Target should be viewed as a
transitional measure complementary to the introduction of the
Carbon Pricing Mechanism; and
in the event that the carbon price or electricity demand are
significantly lower than currently projected, increasing the
shortfall charge to manage against the risk that the Renewable
Energy Target would not be met;
partial exemption certificates should be made
"tradeable" and an opt-in facility should be established
to provide large electricity users with an option to better manage
their compliance costs; and
the Productivity Commission's review of the Jobs and
Competitiveness Program associated with the Carbon Pricing
Mechanism should be expanded to also review the partial exemption
framework of the Renewable Energy Target (given the similarities of
these assistance measures for emissions-intensive, trade-exposed
Significant consideration has been given to the contribution of
the Renewable Energy Target (in particular the small-scale
Renewable Energy Target) to increasing electricity costs however
the thrust behind many of the recommendations is that on balance
policy certainty is a key ingredient for investor confidence and
catalysing investment in large-scale clean energy projects.
The Federal Government is required to respond to the Final
Report by June 2013.
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guide to the subject matter. Specialist advice should be sought
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