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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.

  1. 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;
  2. 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;
  3. 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.
  4. 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.
  5. 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.
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