Australia Launches Guarantee of Origin Scheme to Boost Renewable Energy Industry
Key Ideas
- The Future Made in Australia (Guarantee of Origin) Bill 2024 and supporting bills have been passed to establish a voluntary Guarantee of Origin (GO) scheme to authenticate low-emissions products and support renewable electricity.
- The GO scheme aims to help Australian producers compete in new markets by accurately presenting the low-emissions reality of their products and providing regulatory certainty for investors.
- The legislation is part of the government's larger agenda to drive investment in clean energy industries, starting with hydrogen but with plans to expand to cover green metals and low-carbon liquid fuels.
- Minister Bowen and Assistant Minister Wilson have expressed their commitment to the scheme, highlighting its importance in Australia's clean energy transition and its role in positioning the country as a renewable energy superpower.
The Albanese Government in Australia has approved the Future Made in Australia (Guarantee of Origin) Bill 2024 and two supporting bills, signaling the launch of the voluntary Guarantee of Origin (GO) scheme. This scheme, backed by the Australian Government, aims to authenticate low-emissions products and promote renewable electricity. By accurately showcasing the emissions profile of products, Australian producers can stay competitive in both domestic and international markets. The legislation not only supports existing government initiatives like the Capacity Investment Scheme and Safeguard Mechanism reforms but also lays the groundwork for the Hydrogen Production Tax Incentive. Minister Bowen and Assistant Minister Wilson have emphasized the importance of the GO scheme in providing regulatory certainty for businesses and investors, fostering investment in renewable energy and decarbonized products. They see this scheme as a crucial tool in driving Australia's transition towards clean energy and positioning the nation as a renewable energy superpower. The initial focus of the GO scheme is on hydrogen certification, with plans to later include other key manufacturing sectors such as green metals and low-carbon liquid fuels.