The number of large-scale renewable energy projects in the pipeline already exceeds Australia’s 2030 National Energy Guarantee target.
Melbourne based market analyst firm Green Energy Markets claims in its quarterly Renewable Energy Index just released that the Energy Security Board modelling shows 9,271 MW of renewables is needed for the target.
Yet its figures show that 9,691 MW of projects already under construction or in procurement processes.
National Energy Guarantee target ‘meaningless’
Green Energy Markets director Tristan Edis described the NEG as “meaningless”.
“The Government’s National Energy Guarantee (NEG) would in effect deliver no meaningful emission reduction benefit,” he said.
Edis added that projects already under construction or contracted to begin already exceed established emission targets.
Despite this, the NEG would still fall short of Australia’s 2030 Paris Agreement commitment on emissions reduction.
Key points from the Green Energy Markets report include:
- Solar power and wind energy capacity is set to exceed 41,000GWh by 2020;
- The market already delivered the government’s 2030 emission reduction target, rendering the National Energy Guarantee (NEG) meaningless; and
- Business-as-usual under the NEG leaves 118 million tonne shortfall in government’s CO2 reduction commitment.
Climate Council denounces NEG policy
Climate Council member and energy expert Professor Andrew Stock said the report also confirms Australia has “exceeded the weak 2030 target of the proposed Federal Government’s National Energy Guarantee“.
Professor Stock said to seriously tackle climate change Australia must swiftly and deeply reduce its rising greenhouse gas pollution levels. Furthermore, these have increased each quarter since March 2015, he added.
“This data shows how fundamentally flawed the proposed NEG is when it comes to tackling our greenhouse gas pollution levels,” he said.
NEG locks Australia into weak emissions target
“The Federal Government’s NEG aims to lock Australia into a weak target until 2030, destroy a leading Australian industry sector employing thousands of workers, [and] deliver no added greenhouse gas cuts while loading up the burden on every other sector of the economy.”
With the COAG Energy Council meeting on Friday, Stock said the new data shows the NEG will guarantee nothing but a decade-long freeze on solar and wind energy.
“The Climate Council is urging state and territory leaders not to settle for anything less than a credible climate and energy policy that Australia can be proud of. The NEG will not deliver this.”