Australia's Guarantee of Origin Scheme Boosts Renewable Energy Investments
Key Ideas
- The Australian Government is introducing a Guarantee of Origin (GO) scheme to authenticate low-emissions products and support renewable energy investments.
- The GO scheme will track and verify emissions, proving the origin of renewable electricity in Australia and enabling eligibility for the $6.7 billion Hydrogen Production Tax Incentive.
- Assistant Minister Josh Wilson emphasized the scheme's importance in attracting investment, improving competitiveness, and creating jobs in Australia's net zero industries.
- In addition to the GO scheme, a renewable electricity guarantee of origin (REGO) certification mechanism will replace the current Renewable Energy Target framework by 2030.
The Australian Federal Government is advancing its efforts to promote renewable energy investments with the introduction of a new certification scheme. The Guarantee of Origin (GO) scheme, overseen by the Clean Energy Regulator, aims to ensure the authenticity of low-emissions products by tracking and verifying their emissions throughout the lifecycle. This initiative will generate certificates that provide proof of when, where, and how renewable electricity is produced in Australia. A significant aspect of the GO scheme is its role in enabling eligibility for the $6.7 billion Hydrogen Production Tax Incentive, crucial for expanding the country's renewable hydrogen production capabilities. Assistant Minister for Climate Change and Energy, Josh Wilson, highlighted the GO scheme as a key catalyst for attracting essential investments in Australia's net zero industries. By aligning with international standards, the scheme is expected to enhance Australia's competitiveness in both domestic and global markets, fostering increased exports and job creation as part of the national 'Future Made in Australia' agenda. The legislation also introduces a renewable electricity guarantee of origin (REGO) certification mechanism, which will run parallel to the existing Large-scale Generation Certificate framework until 2030, eventually replacing it. The Clean Energy Regulator will oversee both the GO and REGO schemes to ensure high-integrity certification for Australia's renewable energy products. This initiative reflects the government's commitment to supporting clean energy initiatives, economic growth, and job creation in the renewable sector.
Topics
Investing
Certification
Renewable Energy
Clean Energy
Investment
Net Zero
Legislation
Economic Growth
Tax Incentives
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