The goal of the RET is to reduce greenhouse gas emissions and increase the use of renewable energy sources such as Solar, wind, hydro, and biomass. The current target is for 33,000 gigawatt-hours of electricity to come from renewable sources by 2020.
To meet the RET, electricity retailers must purchase a certain number of renewable energy certificates each year based on their share of the electricity market. This creates a financial incentive for investment in renewable energy projects and helps drive the transition to a more sustainable energy system.
The RET has been successful in driving investment in renewable energy projects and increasing the share of renewable energy in Australia’s electricity mix. However, there have been debates and policy changes around the level of the target and the future of the scheme.
Overall, the RET is an important policy tool for supporting the growth of renewable energy in Australia and contributing to global efforts to combat climate change.
