According to a recent study, Australia is set to reach and surpass its renewable energy target for 2020.
The report was compiled from Government statistics by Green Energy Markets, a research and advisory consultancy focusing on greenhouse gas emissions and increasing renewable energy usage. The report forecasts that the country will derive 22.5% of its power by renewables by 2020, beating the target of 20%.
The report forecasts the long term reduction of fossil fuels over the next 20 years, with carbon rich brown coal and oil set to be phased out by 2050. At the same time, renewables are set to grow from 13% to 51% by 2050. By 2020 they should account for at least 20%.
There are a number of factors that have led to the decrease in fossil fuels in Australia including the decrease in electricity consumption, driven by higher electricity prices and solar energy schemes. The forecasts is based on the Bureau of Resource and Energy Economics statistics, incorporating large scale renewables and expected small-scale solar generation. Total renewable generation is expected to reach 67.9 TWh by 2020.
The Renewable Energy Target was set to ensure that Australia obtained at least a 20% share in renewable electricity supply by 2020. The scheme has bipartisan support, having been introduced by the Howard Government in 2001 and then expanded in 2009 by the Rudd Government. The scheme is reviewed every 2 years, with the most recent review in December 2012 recommended no significant changes to the scheme.
Clean Energy Groups have warned over the political uncertainty of the future of the RET, and it has been recommended by the Climate Change Authority that the RET should be reviewed every four years rather than every two. Investment in renewable energy also may be put under pressure if there is uncertainty about changes to the target.
