Report: Australian solar could benefit from extended clean energy fund

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email

Separating Australia’s renewable energy target from a new A$10 billion clean energy fund could lead to a 37% increase in anticipated large-scale renewables by 2020 with solar particularly benefiting, according to a report.

Commissioned by environmental body WWF-Australia and the Australian Solar Council, the report modelled the likely outcome of separating renewables projects funded by the Clean Energy Finance Corporation from those falling under Australia’s RET of 41,000GWh by 2020.

The CEFC is due to launch next year with the aim of financing the deployment of large-scale renewables in Australia. The CEFC is expected to make a contribution towards Australia’s 2020 RET.

But the report looked at various operational scenarios for the CEFC and the RET, including the likely outcome of separating the two, with projects financed under the CEFC being regarded as additional to those falling under the LRET.

It predicted that treating any projects financed by the CEFC as additional to the 2020 target and increasing the LRET to reflect the additional clean energy projects coming on stream could lead to a significant increase in the amount of renewables capacity built and the number of jobs created.

By 2020 the report said this scenario could lead to 13.7GW of large-scale renewables being built, compared to 10GW under the CEFC model as envisaged. By 2030 this would increase to 23.7GW compared to 20GW .

Solar would particularly benefit, with the envisaged scenario resulting in a total of 2.6GW of solar PV capacity in Australia by 2020 and as much as 5.9GW by 2030, the report said.

WWF’s Climate Change National Manager, Kellie Caught said: “By 2030, together the CEFC and an increased RET could create 28,000 new jobs, double current estimates, and significantly reduce emission, putting us firmly on a low carbon pathway.

“There is an opportunity for the $10 billion CEFC to have an even greater benefit beyond commercialising a broader range of renewables, at potentially no additional cost to the public.”

John Grimes, Chief Executive of the Australian Solar Council said: “The new modelling report confirms solar will be the big winner from the CEFC in the early years. The modelling made some conservative assumptions and we predict that if the CEFC was made additional to the RET, it would drive a solar boom and bring down costs faster.”

21 September 2021
C&I consumers currently source only about 7% of their power requirement directly from renewables. Indian corporate renewable market has grown rapidly and holds huge growth potential as companies look to reduce power purchase costs and cut carbon emissions. BRIDGE TO INDIA has built significant expertise in the corporate renewable business by working on over 30 consulting assignments and various research reports. We are organizing this conference to bring all stakeholders together and delve deeper into various market aspects. The conference will be held on a virtual platform with excellent networking opportunities for all participants.
22 September 2021
To commemorate the World Energy Storage Day(WESD) on 22 September, being recognized worldwide, Customized Energy Solutions (CES) and India Energy Storage Alliance (IESA) is organising the 5th global conference and virtual expo, which will be held virtually on 22 September 2021. WESD is a global movement initiated by various apex trade bodies working to promote and adopt energy storage, e-mobility & green hydrogen technologies for a sustainable future. The forthcoming edition of WESD is expected to attract global participation with an intent to facilitate bi-lateral trade, market development and new research and innovation, which will invite 100+ countries, 100+ regulators & policy makers, 100+ International speakers,1000+ organisations, 100+ partners & exhibitors and 20,000+ global delegates.
28 September 2021
Solar Solutions International is the largest trade show for solar energy in Northwest Europe. Now the solar market has grown up, it's time for the next step. Solar Solutions International displays more than 500 innovations and over 100 practical seminars concerning the latest in energy storage, smart products, and an ever evolving array of solar panels. As an exclusively B2B trade show, Solar Solutions International offers both exhibitors and visitors the chance to network at the highest level. Duurzaam Verwarmd, the largest trade show for sustainable HVAC technology in the Benelux, is held simultaneously. This way your one visit gets you up to date with all of the developments in both sustainable energy and heating.
6 October 2021
Intersolar Europe is the world’s leading exhibition for the solar industry. It takes place as part of The smarter E Europe – the continent’s largest platform for the energy industry. Under the motto “Connecting solar business,” manufacturers, suppliers, distributors, service providers and project planners and developers from around the world meet in Munich every year to discuss the latest developments and trends, explore innovations firsthand and meet potential new customers.
6 October 2021
The future is bright for a new era of US solar and storage, and the 8th annual Solar & Storage Finance Summit will provide opportunities to discuss solutions to the industry’s challenges and provide a networking platform designed to bring together the top minds in the industry to do business. With a mix of high-level, informative presentations and panels, a stellar cast of speakers and audience members with deal-making capacity, the 2021 edition of the event will be a sell-out success.
18 October 2021
Intersolar South America, South America’s largest exhibition and conference for the solar industry, takes place at the Expo Center Norte in São Paulo, Brazil on October 18–20, 2021, and has a focus on the areas of photovoltaics, PV production and solar thermal technologies. At the accompanying Intersolar South America Conference, renowned experts shed light on hot topics in the solar industry.

Read Next

September 21, 2021
German solar installer Enpal has raised €345 million (US$405 million) in debt financing to fund the deployment of more than 15,000 household solar PV systems
September 21, 2021
India added 521MW of rooftop solar in Q2 2021, an increase of 517% compared to the 85MW added in the same quarter last year despite a slight increase in costs, according to a Mercom India report.
September 21, 2021
Private equity firm American Securities has secured a deal to acquire US solar engineering, procurement and construction (EPC) provider Swinerton Renewable Energy and its operations and maintenance (O&M) subsidiary SOLV from Swinerton Incorporated.
September 21, 2021
FIMER has launched two new platforms for the utility-scale solar sector, the PVS-350-TL string inverter for decentralised applications and the PVS-260/PVS-300 modular conversion solution designed for centralised applications.
September 20, 2021
A subsidiary of Indian utility Tata Power has received a letter of intent to set up a 250MW grid-connected solar project in the state of Maharashtra.
September 20, 2021
Vattenfall has increased its emissions reduction targets to be in line with the 1.5 degrees Celsius scenario set out in the Paris Climate Agreement in a move that has been approved by the Science Based Targets initiative (SBTi) and which involves increasing its renewable capacity four-fold.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 6, 2021
Solar Media Events
October 19, 2021
Solar Media Events
December 1, 2021