A renewable energy target helps grow thousands of NT solar jobs and lower power bills in the Territory.
It provides governments a firm framework within which to build complex policy, turning promises and ambition into a concrete goal. And it provides local NT solar companies with a stable set of conditions with which to operate their businesses.
Territorians love renewables, there’s no doubt about it. And the Territory has some of the richest renewable energy resources in the world. But currently, a high percentage of electricity supply in the Territory is from gas-fired generation, with roughly 10% from renewables generation.
A renewable energy target (RET) is a target percentage set by the government of how much electricity is generated using renewable electricity by a particular year.
It is a market-based mechanism that can unlock an explosion of investment in renewable energy, such as solar. Through a RET, a certificate market for renewables can be created to ensure that retailers purchase enough renewables to meet this target, helping lower wholesale prices and driving more competition. At the federal level, a renewable energy target has proven itself as Australia’s most successful and long-lived climate policy for the energy sector.
The current NT government has set a policy of achieving 50% renewables for electricity supply by 2030. In 2017 an independent expert panel released a report providing the government with a roadmap to achieve this target whilst maintaining the affordability of energy supply, and without compromising network reliability and security.
It is vital we have bipartisan support of an ambitious renewable energy target of at least 50% by 2030 to ensure there is policy stability, prod retailers or generators to do what they are supposed to do, and give investors confidence that a renewables investment is a safe bet.
What are the targets in other states and territories?
Queensland, Victoria and the Northern Territory all have targets to grow renewable energy to 50% by 2030. South Australia has a more ambitious target of net 100% in the 2030s and Tasmania is on track for 100% by 2022. The Australian Capital Territory has achieved its target of 100% renewable electricity by 2020. Find out where the NT stands in comparison to other states and territories in the Climate Council's renewables scorecard.