Renewable Energy Target (RET) Scheme: The RET scheme is a federal government initiative that aims to ensure that a certain proportion of Australia’s electricity comes from renewable sources. Under this scheme, large-scale renewable energy projects, including solar farms, can generate Large-scale Generation Certificates (LGCs), which can be sold to electricity retailers to meet their renewable energy obligations.

The RET scheme was first introduced in 2001 and has been amended multiple times since then to increase the target for renewable energy generation. The current target is for 33,000 gigawatt-hours (GWh) of electricity to come from renewable sources by 2020.

The scheme has been successful in driving investment in renewable energy projects across Australia, with wind and Solar power being the main sources of renewable energy generation. This has helped to reduce greenhouse gas emissions and increase energy security by diversifying the sources of electricity generation.

The RET scheme has also created economic opportunities in regional areas, where many renewable energy projects are located. These projects have created jobs and brought investment to local communities.

Overall, the RET scheme has been an important policy tool in transitioning Australia towards a more sustainable and low-carbon energy future.