Australia's Guarantee of Origin Scheme to Boost Renewable Energy Investment
Key Ideas
- The Australian Government is introducing a Guarantee of Origin (GO) scheme to verify low-emissions products and boost renewable energy investment, managed by the Clean Energy Regulator.
- The GO certificates will confirm renewable electricity sources, promoting transparency and supporting the growth of new green industries.
- This initiative is part of a $22.7 billion Future Made in Australia package, aligned with international standards to increase Australia's competitiveness in renewable energy markets and create new jobs.
- The scheme will also support the $6.7 billion Hydrogen Production Tax Incentive, crucial for boosting renewable hydrogen production in Australia.
The Australian Federal Government has introduced a Guarantee of Origin (GO) scheme to enhance the verification of low-emissions products and drive investments in renewable energy. Managed by the Clean Energy Regulator, this scheme will monitor and certify emissions across a product's lifecycle, providing transparency on the origin of renewable electricity generated in Australia. By creating GO certificates, the initiative aims to support the growth of new green industries and promote the use of renewable energy sources like wind, solar, and hydro. Assistant Minister for Climate Change and Energy, Josh Wilson, highlighted the scheme's importance in unlocking investments for Australia's net zero industries and positioning the country as a renewable energy superpower. The GO scheme is a crucial element of the broader $22.7 billion Future Made in Australia package, designed to enhance Australia's competitiveness in renewable energy markets and drive job creation. Additionally, the scheme will facilitate eligibility under the $6.7 billion Hydrogen Production Tax Incentive, essential for scaling up renewable hydrogen production domestically. The new renewable electricity guarantee of origin (REGO) certification mechanism, introduced alongside the GO scheme, is set to replace the Large-scale Generation Certificate (LGC) framework by 2030, further supporting renewable investment in the country.