Quarterly Carbon Market Report – March Quarter 2021
As a leader in transparency and reporting, Australia is proud to deliver quarterly reports on the strength of our carbon markets. Here's five highlights from the March quarter.
- The International Renewable Energy Agency's Renewable Capacity Statistics 2021 confirmed Australia as a world leader in renewables investment with the highest wind and solar capacity per capita installed of any developed nation (578 watts per person) over the past 3 years;
- The Large-scale Renewable Energy Target of 33,000 gigawatt hours (GWh) was met, on a rolling 12 month basis, at the end of January 2021. Eligible generation from 1 February 2020 to 31 January 2021 reached an estimated 33,100 GWh;
- Emissions reductions from the schemes administered by the Clean Energy Regulator are conservatively expected to reach 57 million tonnes of carbon dioxide equivalent (CO2-e) in 2021, up 7% from 2020. Private demand for Australian Carbon Credit Units (ACCUs) and large-scale generation certificates (LGCs) accelerated , up 39% compared with Quarter 1 2020.
- The pipeline for large-scale projects backed by a power purchase agreement – but yet to reach financial close or begin construction – reached 3.7GW at the end of Quarter 1 2021. This is the highest level on record and indicates healthy investment in 2021 and beyond.
- Rooftop solar under the Small-scale Renewable Energy Scheme (SRES) continued its strong growth in Quarter 1 2021 with 792 MW installed, up 28% on the Quarter 1 2020 result. The Clean Energy Regulator now expects 3.5 to 4 GW of rooftop solar capacity to be added in 2021 across small and mid-scale rooftop solar PV.