|Policy Type:||Regulatory Instruments, Economic Instruments>Market-based instruments|
|Agency:||Department of Climate Change|
The Federal Cabinet confirmed arrangements to deliver the Prime Minister's commitment to boost the contribution of renewable energy to Australia's electricity supply by 2 percent by 2010. The announcement followed final consultations with several national industry bodies aimed at providing certainty for industry and implementation of the measure at the lowest cost possible. A fixed target was established of 9,500 GWh in 2010, based on ABARE 1996/97 data as a baseline. The targets were to be implemented with a system of tradable certificates, on the basis of an accredited generator delivering electricity to a grid, end point user or directly to a retailer or wholesaler buyer. Solar water heating was also eligible. The Government also agreed that the penalties for non-compliance should be set at AUD 40/MWh. Legislation to enforce the 2% target was introduced in June 2000, with the measure phased in from January 2001. When implemented, the measure was known as the Mandatory Renewable Energy Target (MRET).
|Related policies:||Renewable Energy Development Initiative|
|This record is superseded by:||Renewable Energy Target|
Last modified: Thu, 14 Mar 2013 16:55:06 CET