Renewables Contribution to Emissions Target
In-house modelling undertaken by Frontier Economics (Asia-Pacific) projects that Australia will comfortably meet its 2030 28% emissions target for the electricity sector due to existing and announced policies supporting energy efficiency, renewables and closures of high emissions coal plants. The Commonwealth Government will receive credit for State renewable policies that contribute to meeting the 2030 emissions target, while admonishing them for any energy security issues that may result.
An urgent priority for climate policy in electricity is how to ensure energy security in a market increasingly dominated by intermittent renewable generators. This urgency should be evident in recent electricity market events and this is why the Federal Government should reconsider its position on an Emissions Intensity Scheme. This scheme will provide greater certainty for investors in existing and new thermal generators that must play a vital role in managing the transition of the power sector.