Large-scale Renewable Energy Target (LRET): This scheme supports the installation of large-scale renewable energy projects, such as wind farms and solar farms. The LRET creates a market for Large-scale Generation Certificates (LGCs), which are issued based on the amount of renewable energy generated by these projects. The LGCs can be sold to entities that have a legal obligation to purchase them, such as electricity retailers.

February 26, 2024by Luke0

The goal of the LRET is to increase the proportion of renewable energy in Australia’s electricity generation mix and reduce greenhouse gas emissions. By creating a financial incentive for the development of large-scale renewable energy projects, the scheme helps to drive investment in clean energy technology and create jobs in the renewable energy sector.

The LRET is administered by the Clean Energy Regulator, which sets annual targets for the amount of renewable energy that must be generated and issues LGCs to eligible projects based on their output. The scheme has been successful in driving the deployment of large-scale renewable energy projects in Australia, with significant investments made in wind and Solar energy infrastructure.

Overall, the LRET has played a key role in driving the transition to a more sustainable and low-carbon energy system in Australia. The scheme has helped to reduce the country’s reliance on fossil fuels and has contributed to the growth of the renewable energy industry, creating economic benefits and supporting Australia’s transition to a cleaner energy future.

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