AusBN - A renewable energy target (RET) deemed ‘impossible’ to reach by the Federal Government is set to be exceeded by 2020, according to new research from Green Energy Markets (GEM).
In its quarterly Renewable Energy Index, GEM said the amount of clean energy Australia will produce in 2020 will exceed the 41,000GWh RET initially laid out by the federal government before it was scrapped in 2015 by then Prime Minister Tony Abbot.
The RET was replaced by the less ambitious target of 33,000GWh after the coalition government labelled the original target ‘impossible’ to achieve by 2020.
However, the GEM study, funded by activist group GetUp, found estimated eligible renewable energy generation would hit 41,381GWh by 2020.
The report also revealed that rooftop solar installations in March were the highest monthly total ever. "Households and businesses are continuing to install solar PV on rooftops at record rates in order to reduce their electricity bills,” the report said.
“March installs set a new monthly record of 127MW which will produce power equivalent to the consumption of 36,710 homes.
"On top of the underestimates of large scale renewables, it suggests that the emission reduction target could be substantially strengthened at minimal economic cost."