The Clean Energy Regulator’s Quarterly Carbon Market Report for the first three months of this year shows the renewable sector has exhibited remarkable resilience in the face of the covid-19 pandemic.
Despite the national economy shrinking by 0.3% in the first quarter, the CER report shows carbon markets continue to support the economy and employment with an expected $3 billion value in certificate and unit entitlements to be issued this year.
Highlights from the CER’s report for January to March include:
- 1.3GW of new renewable capacity delivered: 678MW from large-scale and 609MW from small-scale renewables
- No detected slowdown (as at end of May) in the rate of installation of rooftop solar – the sector is delivering increased capacity of 33% year-on-year
- 837MW of newly committed large-scale renewable capacity reached financial close throughout the quarter
- There are good prospects that more than 2GW of new project will reach financial close in 2020.