Australia's Guarantee of Origin Scheme Driving Green Industry Development
Key Ideas
- The Guarantee of Origin scheme in Australia will issue digital certificates to track emissions associated with green products like hydrogen, low carbon fuels, and green metals.
- These certificates will support eligibility for tax credits and play a crucial role in developing green industries, starting with hydrogen in 2024/25.
- The scheme, along with the Renewable Electricity Guarantee of Origin, aims to certify renewable energy production and will replace the RET by 2030.
- The government is finalizing enabling legislation for the scheme to operate by the second half of 2025, providing competitive advantages for Australian companies in the global shift towards decarbonization.
Australia has introduced the Guarantee of Origin scheme to support the development of green industries by issuing digital certificates to track emissions associated with products. Starting with hydrogen, the scheme will expand to include low carbon liquid fuels, green metals, and biogas. These certificates will establish eligibility for tax credits and play a key role in enabling the growth of green sectors. The scheme is backed by the Renewable Electricity Guarantee of Origin scheme, which focuses on certifying renewable energy production. The government is currently reviewing submissions for the scheme's design and aims to have it operational by the second half of 2025. Assistant Minister for Climate Change and Energy, Jenny McAllister, emphasized the importance of the Guarantee of Origin scheme in helping businesses account for carbon emissions and seize new market opportunities in the journey towards net-zero emissions. This initiative is expected to provide Australian companies with a competitive edge by certifying the carbon intensity of their green products.
Topics
Certification
Renewable Energy
Legislation
Tax Credits
Green Industries
Market Opportunities
Emissions Accounting
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