Renewable energy projects in Australia range from solar, wind, biomass and hydro to tidal waste to energy, and geothermal. There has been an increasing uptake of hybrid projects, such as solar battery, solar diesel and solar wind projects, to mitigate intermittent renewable generation issues.
Significant renewable projects in Australia are usually developed under an engineering, procurement and construction (EPC) model. An EPC model involves a principal engaging a contractor to design, build and deliver the asset in an operational state. Once commissioning is complete, the project is transferred to either debt or equity investors or the entity taking the electricity generated by the project.
Factors affecting the bankability of a renewable energy project generally include securing an offtaker (i.e., a purchaser of the electricity) or access to the electricity market to sell electricity; procuring access to the electricity network if the project is grid-connected; whether the project involves proven or new technology; the experience and creditworthiness of the parties involved, including the EPC contractor; whether government grants or funding is available; the availability of renewable incentives such as renewable energy certificates; and a stable long-term energy policy.
II THE YEAR IN REVIEW
The year 2019 represented a major milestone in Australia's energy policy. In September 2019, the Clean Energy Regulator announced that it had approved enough capacity to guarantee that the Large-scale Renewable Energy Target (LRET) of 33,000GWh – one aspect of Australia's Renewable Energy Target (RET) – would be met ahead of its deadline in 2020.2 The RET was achieved following the completion of the 148MW Cattle Hill Wind Farm in Victoria.3 The Clean Energy Regulator expects 35,000 to 37,000GWh to be delivered in 2020.4
The past year has continued to see remarkable growth in the renewable energy industry in Australia. However, although investment was still strong in 2019, it is expected to moderate. The Clean Energy Council reports that investment in large-scale clean energy projects slowed in 2019 and 2020 because of the expiry of the RET, lower electricity prices, an inadequate transmission network and barriers to grid connection.5
Nevertheless, the Clean Energy Council has reported that there were 34 large-scale clean energy projects completed in 20196 (compared to 38 in 2018),7 adding 2,253MW of capacity, and that renewable energy represented 24 per cent of Australia's total electricity generation in 2019.8 This is an increase of 2.7 per cent on 2018.9 Despite the RET being met, a further 2GW of new projects reached financial close in 2019.10 There were 89 large-scale projects (27 being wind farms) underway at the end of 2019, set to deliver 7.6GW of new capacity.11
Over the years, the increase in solar penetration and intermittent renewable technologies and other forms of distributed energy resources (DER) has heightened concerns about energy security and reliability and 2019 was no exception. Rooftop solar installations in 2019 (and in early 2020) surpassed records.12 The Clean Energy Regulator reported that household and commercial rooftop solar grew by 40 per cent from 1.7GW in 2018 to 2.4GW in 2019.13 However, there is also an increasing trend in the installation of batteries alongside solar PVs.14
The concerns about energy security and reliability from solar penetration, intermittent renewable technologies and other forms of DER mean that the energy grids in Australia need to change. Over the past year there has been a more pronounced focus on this effort. Australian jurisdictions are currently implementing programmes to integrate the renewable sources and technologies into the grid and at the same time seeking to harness the many consumer and economic benefits and opportunities created by those sources and technologies.
Renewable technologies in the form of battery storage have been, and continue to be, used as a mechanism to combat reliability issues both at utility and small-scale levels. The landmark Tesla lithium battery installed in South Australia has already been used successfully to respond to power failures. It was reported that the battery delivered 100MW into the national energy grid in 140 milliseconds following a power plant trip in Victoria. The project has reduced costs associated with stabilising the energy grid by nearly A$40 million. Community batteries are also being trialled throughout Australia, as are stand-alone power systems providing off-grid connections. It is hoped that the increased use of these technologies will alleviate system constraints, as well as providing consumer benefits in an evolving energy system.
Other major renewable energy initiatives have been developed over the past year across other states in Australia. In Western Australia, the world's leading ammonia and fertiliser production company, Yara Pilbara, is exploring the feasibility of switching to renewable hydrogen to feed its ammonia production process, which would reduce emissions.15 Australian Renewable Energy Agency (ARENA) funding of A$995,000 has been granted for the feasibility study.16
In 2019, 837MW of capacity was added by eight new wind farms,17 making wind the highest renewable generation source for the year. What will be Western Australia's largest wind farm, the Yandin Wind Farm, is due for completion in 2020 and is expected to cost approximately A$400 million.18
Hybrid renewable projects have also continued on the rise, with the Environmental Protection Authority of Western Australia recently recommending for approval (subject to conditions) the Asian Renewable Energy Hub – a A$22 billion wind and solar farm in the Pilbara region of the state.19 Once constructed, the Hub will consist of 1,743 wind turbines (with a 7.5GW generating capacity) and a 3.5GW solar generating plant.20 Recently completed, the Agnew Hybrid Renewable Project, also located in Western Australia, is a ground-breaking hybrid (wind, solar and battery) microgrid solution for the Agnew Gold Mine, powering the mine with more than 50 per cent renewable energy.21 It is the first project to use wind generation at a mine site.22
In 2019, hydro was Australia's second largest renewable generation source, contributing 25.7 per cent of Australia's renewable generation.23 The proposed expansion of the Snowy Mountains hydro scheme would result in the biggest 'battery' in the southern hemisphere and is another good example of the measures being taken to combat the intermittency of renewable energy sources.
It is becoming increasingly evident that hydrogen is well placed to play a pivotal role in the future of renewable energy in Australia. In November 2019, the Council of Australian Governments Energy Council agreed to back A$370 million in hydrogen projects under Australia's National Hydrogen Strategy24 – a vision to allow Australia to develop a clean, innovative, safe and competitive hydrogen industry and to become a major exporter by 2030.25 One of the major drivers for the hydrogen market is expected to be hydrogen-powered fuel cell electric vehicles in densely populated areas. The creation of a Renewable Hydrogen Council in Western Australia is evidence of current opportunities and efforts to transition to a renewable hydrogen future. Most recently, in early 2020, major mining companies BHP, Fortescue Metals Group, Anglo American and Hatch established a green hydrogen consortium, to allow collaboration on the adoption of green hydrogen and the development of green hydrogen technologies to decarbonise the mining industry.26 Funding for hydrogen projects is increasing, with ARENA recently announcing funding of A$1.71 million to BP Australia Pty Ltd for a feasibility study of renewable hydrogen and ammonia production in Geraldton, Western Australia.27
III THE POLICY AND REGULATORY FRAMEWORK
i The policy background
Australia's RET aims to ensure that by 2020 at least 33,000GWh (or 23.5 per cent) of Australia's total electricity is generated from renewable sources. The RET is an Australian federal government policy that has operated since 2001.28 Various state and territory governments of the Commonwealth of Australia have also implemented their own renewable energy targets. In 2019, the Australian Capital Territory became the eighth major jurisdiction in the world to generate 100 per cent of its energy from renewable sources.29
In line with previous statements that the LRET will be achieved and likely to be exceeded by 2020, in September 2019, the Clean Energy Regulator announced that the LRET had been met. As at September 2019, 24 per cent of Australia's total electricity was generated from renewable sources.30
The RET is made up of two schemes – the LRET and the Small-scale Renewable Energy Scheme (SRES). The LRET encourages investment in renewable power stations through financial incentives in the form of tradable certificates; the SRES encourages small users to install small-scale systems. Australian states and territories have also incentivised the uptake of small-scale solar generators by providing feed-in-tariffs. Rooftop solar is also becoming increasingly affordable and the Clean Energy Regulator reported that household and commercial rooftop solar grew by 40 per cent from 1.7GW in 2018 to 2.4GW in 2019.31
The LRET was designed to deliver the majority of the RET.32 The price of renewable energy generation is becoming increasingly more cost-effective. Additionally, investment in large-scale solar projects has been assisted by ARENA and the Clean Energy Finance Corporation (CEFC). For example, in 2015, ARENA committed A$20.90 million in funding for the DeGrussa solar project in Western Australia, which has a total project value of A$39.47 million.33
There is currently no proposed replacement for the RET. It was previously touted that the RET would be replaced by the National Energy Guarantee (NEG), but this was abandoned by the federal government in 2018. In 2019, the Coalition government announced the Climate Solutions Package, which is the central emissions reduction policy and includes measures such as the Climate Solutions Fund. The Package is reported to cost A$3.5 billion over 15 years, and builds on existing policies and successes in meeting Australia's Kyoto commitments. Australia's existing Emissions Reductions Fund has received further funding and there is significant funding for the Snowy 2.0 giant pumped hydro battery and energy-efficiency and electric-vehicle strategies. Additionally, the Australian government recently directed the CEFC to make available up to A$300 million in finance to the Advancing Hydrogen Fund to support the growth of a clean, innovative, safe and competitive Australian hydrogen industry.34
Each state and territory of Australia has committed to zero net emissions by 2050.
ii The regulatory framework
Network access and market dynamics
The largest electricity market in Australia is the National Electricity Market (NEM), which operates in all states and territories other than Western Australia and the Northern Territory. The NEM is operated by the Australian Energy Market Operator (AEMO), in accordance with the National Electricity Law and the National Electricity Rules.
The NEM includes a 'gross pool' market for electricity, where all transmission-connected generation is dispatched in each five-minute period based on the results of a security and transmission-constrained auction. The auction sets a marginal price for each five-minute period, it has a price cap of A$14,200/MWh, and is adjusted annually for inflation.35 Generation facilities can connect to the network in the NEM on a 'constrained-access' basis – that is, the total amount of generation capacity is not restricted to network capacity, but only the cheapest set of generators are dispatched to meet system requirements.
In the NEM, most renewable generators are considered to be 'semi-scheduled'. These facilities can normally generate unconstrained; however, the AEMO can direct them to operate below certain output limits in certain situations (for example, for system security).
In Western Australia, the Wholesale Electricity Market (WEM) is operated by the AEMO in accordance with the Wholesale Electricity Market Rules (the WEM Rules) and WEM market procedures. The WEM is a gross pool electricity market that includes a mechanism to pay for capacity by low electricity price caps, and a hybrid constrained–unconstrained network access model. A constrained network access model has been developed by a reform task force set up by the Western Australian government as a part of its Energy Transformation Strategy. Amendments to the WEM Rules to implement a part of the constrained access model are currently before the Minister for Energy for approval.36 The constrained network access model being proposed for the WEM is similar to the model currently used in the NEM. A market start of October 2022 is proposed for the constrained access model.37
Western Australia's mechanism to ensure reliability and security of supply, through which scheduled generators and non-scheduled generators (such as wind and solar) can provide capacity when required, is called the Reserve Capacity Mechanism. The former Public Utilities Office (now Energy Policy WA) in Western Australia has completed a review on improvements to the Reserve Capacity Mechanism pricing arrangements in the WEM and the suitability of implementing an auction to determine capacity prices and other alternative pricing arrangements. As a result, Energy Policy WA has prepared draft amendments to the WEM Rules to incorporate its final recommendations; these changes commenced on 22 February 2020.38
However, both the NEM and WEM are undergoing notable change. The continued proliferation of renewables and DER and the emergence of technologies is shifting the energy trade dynamics (with significant consumer benefits), but also impacting electricity market design, including posing challenges to system security and reliability. The transformation to two-sided markets, allowing wholesalers and consumers to participate and interact in the market is imminent. AEMO and the Western Australian government recently launched an NEM programme and a WEM road map to pave the way for the integration, and to harness the benefits, of DER.
With the continued rise of DER across Australia, and following a rule change in the NEM, on 1 March 2020, the AEMO rolled out the DER Register. The Register will allow AEMO to forecast, plan and operate the grid more efficiently, be prepared for major outages and prepare the grid for major innovations with DERs.39 A similar DER register is planned for the WEM.
The RET is administered by the Clean Energy Regulator (CER) in accordance with the Renewable Energy (Electricity) Act 2000 (Cth) and the Renewable Energy (Electricity) Regulations 2001 (Cth). The CER is Australia's independent statutory authority, established in 2012 by the Clean Energy Regulator Act 2011 (Cth).
The RET operates as a market for tradable certificates for each megawatt of electricity generated from renewable sources. Tradable certificates are created and issued through the REC Registry, which is administered by the CER. 'Liable entities' (electricity retailers and some large users) must source those certificates from persons that generate power from renewable sources to meet their own renewable energy obligations, and then surrender those certificates to the CER in certain percentages (determined under the Renewable Energy (Electricity) Regulations) to meet annual targets for the RET.
The CER also validates tradable certificates and makes recommendations about tradable certificate requirements.
Approvals for renewable energy projects
There are many regulatory approvals required for renewable energy projects, including planning and environmental approval. The type and timing of approval processes will vary from state to state, depending on the scale and type of project. Applications for funding from ARENA typically take 60 days to negotiate (after an initial expression-of-interest phase) and require the applicant to satisfy the relevant merit criteria to a high standard. Project proponents may also be confronted with environmental-noise and visual-impact assessments.
IV RENEWABLE ENERGY PROJECT DEVELOPMENT
i Project finance transaction structures
Current trends in project financing of renewable energy projects in Australia have seen the emergence of the use of 'project' or 'green energy' bonds. Australia's green bond market has grown significantly since the first bond issue in 2014; as at 30 June 2019, Australia is 10th in cumulative global country rankings and third in the Asia-Pacific region behind China and Japan.40 Domestic banks and international development banks, continue to be the major issuers of bonds for renewable projects.41 Bonds are seen as an attractive method to finance renewable projects given that they are considerably cheaper than financing or refinancing through traditional project finance.42
In terms of bank lending, the Reserve Bank of Australia reports that project financing arrangements have evolved, with increased overseas financing.43 There is also a trend of combining debt finance with grants from government bodies, including the CEFC and ARENA.
Sophisticated financing structures in the form of power purchase agreements (PPAs) with corporate entities are also on the rise; while historically developers would enter into PPAs with retailers, now corporate buyers and investors are entering into PPAs with generators.44 It is estimated that since 2017, there have been a total of 58 corporate PPAs negotiated for 2.3GW of capacity.45 In 2019 alone, 22 new corporate PPAs were entered into.46
An alternative financing arrangement for renewable projects that is starting to appear is the establishment of 'energy funds'. AGL, and now Synergy, have set up energy funds in partnership with institutional investors. The funds provide the opportunity for investors to finance a portfolio of renewable assets, which diversifies risk and reduces cost. It also reduces the amount of equity that energy providers are required to invest in new projects, as well as assisting the energy providers in meeting their 2020 renewable energy commitments. The arrangement is usually set up so that ownership in the renewable energy certificates generated by the project remains with the energy provider.
Australia also has a market for trading renewable energy certificates between financial institutions, brokers, traders, registered agents and electricity retailers. The highest demand for large-scale certificates comes from electricity retailers who are required to meet Australia's RET.47 Small-scale system owners and registered agents also have the option to sell small-scale technology certificates through the clearing house or to the electricity provider.48
ii Distributed and residential renewable energy
Australia's affinity with rooftop solar continued in 2019, with 2.2GW of new capacity from rooftop solar being installed.49 This is an increase from 1.6GW in 2018,50 indicating the continued strong growth in solar. New South Wales led the states with solar installations, and Queensland led the way with concurrent solar and battery installations (shifting from New South Wales in 2018).51
The ownership structure of solar and battery products varies. Loan financing arrangements are available, and in the past the CEFC has provided funding for a major retailer to offer PPAs to customers. The benefit of this approach is that residential customers avoid paying the upfront costs of installation while still enjoying a lower cost of energy.
In addition to the customer-ownership model, leasing is an alternative arrangement that is offered in Australia to customers.
Financial institutions have also partnered with the CEFC to provide discounts when financing renewable technologies. For example, Macquarie Leasing currently provides discounted financing for electric vehicles,52 while Westpac also currently offers its customers a discount on renewable energy solutions. Finance options can be in the form of a finance lease, commercial loan or commercial hire purchase agreement.53
iii Blockchain technologies and smart contracts
While not yet commonplace, and with some regulatory hurdles to be overcome, blockchain technologies are emerging in the energy and renewables space. Power Ledger has created a peer-to-peer energy trading application envisaged to be for the benefit of producers and consumers. Its technology aims to enable the sale of surplus renewable energy generated at residential and commercial developments. Power Ledger partnered with a US not-for-profit energy company to take its trading platform to North America.54 From a finance perspective, Australian banks are beginning to invest in blockchain technologies. In May 2020, the Australian Securities Exchange announced that it will be replacing its existing clearing and settlement systems with distributed ledger technology.55
The Australian government passed the Anti-Money Laundering and Counter Terrorism Financing Amendment Act 2017 to regulate digital currencies. The Amendment Act brings digital currencies under the purview of the anti-money laundering and counter-terrorism financing regimes, to mitigate against the money laundering and terrorism financing risks associated with digital currencies.56 However, these regulations only extend to participants who exchange digital currencies for money and would not currently appear to extend to the use of blockchain technologies limited to trading in renewable energy products. Other regulatory issues with the technology relate to privacy issues and compliance with Australia's privacy laws (including being able to identify the responsible party from which to seek a remedy if privacy is breached), and data security and integrity issues (with personal information data and data on ledgers unable to be removed or changed).57 However, progress is being made on the customer data protection front, with the Consumer Data Right system being rolled out in the banking sector from July 2020, and later to other sectors, including energy.58
V RENEWABLE ENERGY MANUFACTURING
On a world scale, Australia has a very small renewable energy manufacturing sector.
The manufacture of renewable energy products in Australia is limited to a number of isolated projects and no major renewable energy manufacturing industries exist in the country. Presumably this is due to Australia's relatively high income levels and high energy prices, making manufacturing of such products more suited to other countries with lower input costs.
The majority of Australia's renewable energy 'manufacturing' relates to the development and commercialisation of intellectual property. This is arguably driven by the lack of subsidies available in Australia for renewable energy manufacturing, as well as the Australian government's apparent priority of investing in emerging renewable energy technologies and grants or tax incentives for companies that invest in research and development. For example, the Australian government is responsible for:
- the A$2 billion ARENA, a statutory authority charged with co-investing in projects that improve the competitiveness of renewable energy technologies and increase the supply of renewable energy in Australia; and
- the Commonwealth Scientific and Industrial Research Organisation's 'Low Emissions Technology Roadmap', which identifies the opportunities for Australia to be part of the future global energy supply chain.
In 2019, Australia ranked as the largest producer of lithium in the world, with production of 51,000 metric tonnes in 2018.59 However, despite experiencing a strong demand for its lithium mineral resources over the past five to six years, a downturn in the Chinese electric vehicle market has recently lowered the price of lithium in Australia.60 Western Australia is home to the world's largest producing spodumene deposit61 and produced just over half of the world's lithium in 2019.62 A number of lithium processing plants are currently being built in Western Australia. In 2018, the Western Australian government announced a task force to explore the potential for Western Australia also to leverage its significant nickel, cobalt, manganese, graphite and copper resources to expand into more of the battery supply chain.63 On the back of that announcement, in January 2019, the government announced the Future Battery Industry Strategy to set a pathway for Western Australia as the leading exporter of future battery minerals, materials, technology and expertise.64
Australia has free trade agreements with a number of overseas jurisdictions and does not impose any specific tariffs on renewable energy equipment from its trading partners.
VI CONCLUSIONS AND OUTLOOK
We expect that the strong investment in wind and solar projects will continue in the year ahead, although there is still uncertainty around the policy framework post-RET, as the NEG is no longer part of the renewable energy conversation. There is not yet a solid governmental framework on the issue. Additionally, we have yet to see the real long-term impact of the covid-19 pandemic on the local and international economy and how this will affect investment in the renewables market. The International Energy Agency has already reported an expected plummet in global energy investment in 202065 but also that the covid-19 crisis is hurting rather than halting renewable power capacity growth.66
According to the Clean Energy Council, the clean energy industry is well positioned to lead the Australian economic recovery from the covid-19 pandemic and to deliver carbon abatement by injecting billions of dollars' worth of investment into the economy from hundreds of identified large-scale wind and solar projects, creating new jobs, and empowering consumers and driving down power prices.67 However, stronger policy direction is required.
With the roll-out of jurisdictional road maps and programmes to address the security, reliability and demand-profile issues caused by renewable generation, household rooftop solar and the emergency of other forms of DER, the year 2020 is set to be the start of a transformative period in the Australian energy and renewable energy markets.
1 Jo Garland is a partner and Jessica Marshall is an associate at HFW.
2 Clean Energy Regulator, '2020 Large-scale Renewable Energy Target capacity achieved', 4 September 2019 < http://www.cleanenergyregulator.gov.au/About/Pages/News%20and%20updates/Newsitem.aspx?Listid=
3 Clean Energy Council, 'Clean Energy Australia Report 2020', 7 < https://assets.cleanenergycouncil.org.au/documents/resources/reports/clean-energy-australia/clean-energy-australia-report-2020.pdf>.
4 Clean Energy Regulator, 'Quarterly Carbon Market Report', December 2019, 4 < http://www.cleanenergyregulator.gov.au/DocumentAssets/Documents/Quarterly%20Carbon%20Market%20Report%20-%20December%20Quarter%202019.pdf>.
5 Clean Energy Council, 'A Clean Recovery: Using Australia's enormous renewable energy potential to create jobs and jumpstart the economy', 5 May 2020, 4–5 < https://assets.cleanenergycouncil.org.au/documents/advocacy-initiatives/A-Clean-Recovery.pdf>.
6 Clean Energy Council, 'Clean Energy Australia Report 2020', 6 < https://assets.cleanenergycouncil.org.au/documents/resources/reports/clean-energy-australia/clean-energy-australia-report-2020.pdf>.
7 Clean Energy Council, 'Clean Energy Australia Report 2019', 4 < https://assets.cleanenergycouncil.org.au/documents/resources/reports/clean-energy-australia/clean-energy-australia-report-2019.pdf>.
8 Clean Energy Council, 'Clean Energy Australia Report 2020', 6 < https://assets.cleanenergycouncil.org.au/documents/resources/reports/clean-energy-australia/clean-energy-australia-report-2020.pdf>.
10 Clean Energy Regulator, 'Quarterly Carbon Market Report', December 2019, 4 < http://www.cleanenergyregulator.gov.au/DocumentAssets/Documents/Quarterly%20Carbon%20Market%20Report%20-%20December%20Quarter%202019.pdf>.
11 Clean Energy Council, 'Clean Energy Australia Report 2020', 22 < https://assets.cleanenergycouncil.org.au/documents/resources/reports/clean-energy-australia/clean-energy-australia-report-2020.pdf>.
12 Clean Energy Council, 'A Clean Recovery: Using Australia's enormous renewable energy potential to create jobs and jumpstart the economy', 5 May 2020, 5 < https://assets.cleanenergycouncil.org.au/documents/advocacy-initiatives/A-Clean-Recovery.pdf>.
13 Clean Energy Regulator, 'Quarterly Carbon Market Report', December 2019, 3 < http://www.cleanenergyregulator.gov.au/DocumentAssets/Documents/Quarterly%20Carbon%20Market%20Report%20-%20December%20Quarter%202019.pdf>.
14 ibid., 33.
15 Australian Government, Australian Renewable Energy Agency, 'Yara Pilbara Renewable Ammonia Feasibility Study' < https://arena.gov.au/projects/yara-pilbara-renewable-ammonia-feasibility-study/>.
17 Clean Energy Council, 'Clean Energy Australia Report 2020', 4 < https://assets.cleanenergycouncil.org.au/documents/resources/reports/clean-energy-australia/clean-energy-australia-report-2020.pdf>.
18 Alinta Energy, 'Yandin Wind Farm', < https://www.alintaenergy.com.au/wa/about-alinta-energy/sustainability/yandin-wind-farm/>.
19 Energy News Bulletin, 'World's biggest green energy hub approved for Western Australia' < https://www.energynewsbulletin.net/new-energy/news/1386151/world%E2%80%99s-biggest-green-energy-hub-
21 EDL Energy, 'Agnew Hybrid Renewable Project' < https://edlenergy.com/wp-content/uploads/2020/05/EDL-Fact-Sheet-Agnew-Hybrid-Renewable-Power-Station.pdf>.
23 Clean Energy Council, 'Clean Energy Australia Report 2020', 7 and 61 < https://assets.cleanenergycouncil.org.au/documents/resources/reports/clean-energy-australia/clean-energy-australia-report-2020.pdf>.
24 ibid., 8.
25 Council of Australian Governments Energy Council, 'Australia's National Hydrogen Strategy', viii and 76 < https://www.industry.gov.au/sites/default/files/2019-11/australias-national-hydrogen-strategy.pdf>.
26 Sophie Vorrath, RenewEconomy, 'Mining giants BHP, Anglo and Fortescue join forces for “green hydrogen”' (18 March 2020) < https://reneweconomy.com.au/mining-giants-bhp-anglo-and-fortescue-join-forces-for-green-hydrogen-48061/>.
27 Australian Government, Australian Renewable Energy Agency, 'Project GERI Feasibility Study' < https://arena.gov.au/projects/project-geri-feasibility-study/>.
28 In 2015, the Renewable Energy Target was reviewed and was scaled down from the previously legislated amount of 41,000GWh to the current 33,000GWh.
29 Clean Energy Council, 'Clean Energy Australia Report 2020', 26 < https://assets.cleanenergycouncil.org.au/documents/resources/reports/clean-energy-australia/clean-energy-australia-report-2020.pdf>.
30 ibid., 6.
31 Clean Energy Regulator, 'Quarterly Carbon Market Report: December Quarter 2019', 3 < http://www.cleanenergyregulator.gov.au/DocumentAssets/Documents/Quarterly%20Carbon%20Market%20Report%20-%20December%20Quarter%202019.pdf>.
32 Clean Energy Regulator, 'How the scheme works' < http://www.cleanenergyregulator.gov.au/RET/About-the-Renewable-Energy-Target/How-the-scheme-works>.
33 Australian Government, Australian Renewable Energy Agency, 'DeGrussa Solar Project' < https://arena.gov.au/projects/degrussa-solar-project/>.
34 Clean Energy Finance Corporation, 'CECF welcomes launch of new $300 million Advancing Hydrogen Fund' (4 May 2020) < https://www.cefc.com.au/media/files/cefc-welcomes-launch-of-new-300-million-advancing-hydrogen-fund/>.
35 AEMO, 'Fact Sheet: The National Electricity Market' < https://www.aemo.com.au/-/media/Files/Electricity/NEM/National-Electricity-Market-Fact-Sheet.pdf>.
36 Government of Western Australia, Energy Policy WA, 'Energy Transformation Taskforce Consultation' < https://www.wa.gov.au/organisation/energy-policy-wa/energy-transformation-taskforce-consultation>.
37 Government of Western Australia, Energy Transformation Taskforce, 'Governance Framework for Constraint Equations: Information Paper' (August 2019), 4 < https://www.wa.gov.au/sites/default/files/2019-08/Information-paper-Governance-Framework-for-Constraint-Equations.pdf>.
38 Government of Western Australia, Energy Policy WA, 'Improving Reserve Capacity Pricing Signals' < https://www.wa.gov.au/government/document-collections/improving-reserve-capacity-pricing-signals>.
39 Australian Energy Market Operator, 'What is AEMO's DER Register? Fact Sheet', 1 < https://aemo.com.au/-/media/files/electricity/nem/der/2019/der-register-implementation/factsheet-what-is-aemos-der-register.pdf>.
40 Climate Bonds Institute, 'Green finance state of the market – 2019' (August 2019), 1 < https://www.climatebonds.net/files/reports/australia_gbsotm-2019-update_201908.pdf>.
41 See, for example, ibid., 2.
42 World Business Council for Sustainable Development, 'Pathways to scale finance for renewable energy' (11 November 2016), 13 < https://www.wbcsd.org/Programs/Climate-and-Energy/Climate/Resources/Pathways-to-scale-finance-for-renewable-energy>.
43 Reserve Bank of Australia, 'Renewable Energy Investment in Australia' (19 March 2020) < https://www.rba.gov.au/publications/bulletin/2020/mar/renewable-energy-investment-in-australia.html>.
44 Reserve Bank of Australia, 'Renewable Energy Investment in Australia' (19 March 2020) < https://www.rba.gov.au/publications/bulletin/2020/mar/renewable-energy-investment-in-australia.html>. See also: Australian Government, Australian Renewable Energy Agency, 'Corporate Renewable Power Purchase Agreements in Australia – State of the Market 2019' < https://arena.gov.au/assets/2018/10/corporate-renewable-power-purchase-agreements-in-australia-state-of-the-market-2019.pdf>.
45 Business Renewables Centre Australia, 'Corporate Renewable Power Purchase Agreements In Australia: State of the Market 2019', 6 < https://arena.gov.au/assets/2018/10/corporate-renewable-power-purchase-agreements-in-australia-state-of-the-market-2019.pdf>.
46 Clean Energy Council, 'Clean Energy Australia Report 2020', 44 < https://assets.cleanenergycouncil.org.au/documents/resources/reports/clean-energy-australia/clean-energy-australia-report-2020.pdf>.
47 Australian Government, Clean Energy Regulator, 'Renewable Energy Target – Tracking Towards 2020: Encouraging renewable energy in Australia' (30 March 2017), 22 < http://www.cleanenergyregulator.gov.au/
48 ibid., 18.
49 Clean Energy Council, 'Clean Energy Australia Report 2020', 4 < https://assets.cleanenergycouncil.org.au/documents/resources/reports/clean-energy-australia/clean-energy-australia-report-2020.pdf>.
50 ibid., 7.
51 Australian Energy Council, 'Solar Report Quarter 3 2019', 4 and 6 < https://www.energycouncil.com.au/media/17320/australian-energy-council-solar-report-september-2019.pdf>.
52 CEFC, 'Macquarie leasing drives electric vehicle and energy efficiency push with $100M in CEFC finance' (6 September 2017) < https://www.cefc.com.au/media/media-release/macquarie-leasing-drives-electric-
53 Westpac Banking Corporation, 'Westpac supports businesses, CleanTech with energy efficiency financing' < https://www.westpac.com.au/about-westpac/media/media-releases/2016/17-May/>.
54 Smart Company, 'Aussie blockchain startup Power Ledger forms US partnership to roll out “hundreds” of energy trading projects' (7 February 2018) < https://www.smartcompany.com.au/startupsmart/news/australian-blockchain-startup-power-ledger-us-partnership-helpanswers-energy-trading-projects/>.
55 Australian Securities Exchange, 'CHESS Replacement', < https://www.asx.com.au/services/chess-replacement.htm>; Australian Securities Exchange, 'CHESS Replacement', < https://www.asx.com.au/services/technology-solution.htm>.
56 Parliament of the Commonwealth of Australia, Explanatory Memorandum to the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2017, 7 < https://parlinfo.aph.gov.au/parlInfo/download/legislation/ems/r5952_ems_10af5c24-ce69-4a76-80fa-306566efb63a/upload_pdf/643200.pdf;
57 Australian Government, Department of Industry, Science, Energy and Resources, 'Regulation and standards' < https://www.industry.gov.au/data-and-publications/national-blockchain-roadmap/regulation-
58 Australian Competition and Consumer Commission, 'Consumer data right (CDR)' < https://www.accc.gov.au/focus-areas/consumer-data-right-cdr-0>.
59 NS Energy, 'Which are the biggest lithium-producing countries in the world?' (19 February 2020) < https://www.nsenergybusiness.com/features/top-lithium-producing-countries/>. See also: Brian W Jaskula, United States Geological Survey, 'Lithium', 99 < https://prd-wret.s3-us-west-2.amazonaws.com/assets/palladium/production/atoms/files/mcs-2019-lithi.pdf>.
60 Nick Toscano, 'The next mining boom? Rare earths and the rise of Australia's “other” minerals' (13 December 2019), < https://www.smh.com.au/business/the-economy/the-next-mining-boom-rare-
61 At Greenbushes, Western Australia, approximately 250km south of Perth. Australian Government, Geoscience Australia, 'Lithium' < https://www.ga.gov.au/scientific-topics/minerals/mineral-resources-and-advice/australian-resource-reviews/lithium>.
62 Government of Western Australia, Department of Jobs, Tourism, Science and Innovation, 'Western Australia Battery Minerals Profile' (April 2020), 1 < https://www.jtsi.wa.gov.au/docs/default-source/default-document-library/wa-battery-minerals-profile-0420.pdf?sfvrsn=f186711c_4>.
63 Government of Western Australia, Department of Jobs, Tourism, Science and Innovation, 'New strategy to capitalise on once-in-a-lifetime lithium opportunity' (24 May 2081) < http://www.jtsi.wa.gov.au/news-media/news-detail/2018/05/24/new-strategy-to-capitalise-on-once-in-a-lifetime-lithium-opportunity>.
64 Government of Western Australia, Department of Jobs, Tourism, Science and Innovation, 'Future Battery Industry Strategy' < https://www.jtsi.wa.gov.au/economic-development/economy/future-battery-industry-strategy/future-battery-industry-strategy>.
65 International Energy Agency, 'The Covid-19 crisis is causing the biggest fall in global energy investment in history' (27 May 2020) < https://www.iea.org/news/the-covid-19-crisis-is-causing-the-biggest-fall-in-global-energy-investment-in-history>.
66 International Energy Agency, 'The Covid-19 crisis is hurting but not halting global growth in renewable power capacity' (20 May 2020) < https://www.iea.org/news/the-covid-19-crisis-is-hurting-but-not-halting-global-growth-in-renewable-power-capacity>.
67 Clean Energy Council, 'A Clean Recovery: Using Australia's enormous renewable energy potential to create jobs and jumpstart the economy' (5 May 2020), 3, 4, 6 and 7 < https://assets.cleanenergycouncil.org.au/documents/advocacy-initiatives/A-Clean-Recovery.pdf>.