The Clean Energy Regulator (CER) has released its Quarterly Carbon Market Report (QCMR) for quarter one 2023, covering landmark reforms to the Safeguard Mechanism and increased household energy efficiency.
The Safeguard Mechanism reforms are predicted to reduce emissions from Australia’s largest emitting facilities by a total of 201 million tonnes of carbon dioxide equivalents by 2030.
CER Chair, David Parker, said the reforms create a clear incentive for onsite emissions reduction whilst maintaining flexibility, including through the use of Australian Carbon Credit Units (ACCUs).
“We expect substantial aggregate ACCU supply to 2030, which will need to be complemented by material emissions reductions at source over the period to 2030.”
The QCMR also showed that everyday Australians are increasingly taking greater control of their energy costs.
Mr Parker said that the report showed continuing growth in the installation of energy efficient water heaters, up more than 40 per cent from the same quarter in 2022.
“It will be interesting to see whether that level of increase is maintained throughout the year. About 80 per cent of installations of air source heat pumps and energy efficient water heaters are replacing out-dated, less efficient electric systems.”
“Consumers thinking about a new efficient heat pump should obtain quotes and consider changing early, in case their old system unexpectedly fails which may mean a simple inefficient ‘like for like’ replacement becomes the only practicable option,” Mr Parker said.
The report also said that rooftop solar is expected to add 3GW total capacity in 2023, with 0.68GW of capacity already installed in quarter one. 3GW is enough to power more than 650,000 homes and an increase from the 2.8GW in 2022.
To read the full report visit here.
