The Renewable Energy Target was established in 2001 and has undergone several revisions since then. The current target is for 33,000 gigawatt-hours of electricity to be generated from renewable sources by 2020. This target is split into two parts: the Large-scale Renewable Energy Target (LRET) for large-scale projects like wind farms and Solar farms, and the Small-scale Renewable Energy Scheme (SRES) for small-scale projects like rooftop Solar panels.
The Renewable Energy Target has been successful in driving investment in renewable energy projects in Australia, particularly in the Solar and wind energy sectors. It has helped to reduce greenhouse gas emissions, create jobs in the renewable energy industry, and lower electricity prices for consumers. However, there have been criticisms of the policy, including concerns about its cost-effectiveness and impact on electricity prices.
Overall, the Renewable Energy Target is an important policy tool for promoting the transition to a cleaner and more sustainable energy system in Australia. It provides incentives for the development of renewable energy projects and helps to diversify the country’s energy mix. As the target approaches its deadline, it will be important for the government to consider what comes next in terms of supporting renewable energy development in Australia.
