3.2 The policy instruments supporting the APAC …
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Danish company Ørsted decided to include the production of renewable hydrogen
in the tender for the Holland Coast South 3&4 offshore wind farm (Orsted 2019).
3.2.2 The Renewable Policy Instruments of Australia
The main policy instrument to support the development of renewable energy is
a renewable electricity generation certificates mechanism (About the Renewable
Energy Target n.d.). The Renewable Energy Target is an Australian Government
scheme to encourage additional generation of electricity from sustainable and
renewable sources. There are two mechanisms in place, one for large-scale renewable energy projects and one for small-scale renewable energy projects. In May
2018, The LRET incentivises the development of renewable energy projects by
the creation and sale of large-scale generation certificates (LGCs). The number
of LGCs to be issued on a yearly basis are defined through a renewable power
percentage system operating under the authority of the Clean Energy Regulator
(19,31% in 2020, equivalent to 33,7 million LGCs).
A renewable energy project developer shall get the power station accredited
under the RET. Once accredited, the renewable energy power station is entitled
to create LGCs and sell them.
In addition to the LGCs mechanism, renewable energy projects secure revenue
streams through PPA (Briggs 2019).
3.2.3 The Renewable Policy Instruments of China
The recommendations of the 14 th Five-Year Plan stipulate that the supporting
renewable energy policies shall be ensured after a transition from the feed in tariff
mechanism to market prices. Although the new supporting policy mechanisms
have not yet been defined, the report mentions the reduction of the regulatory
costs imposed on renewable energy companies. The recommendations of the 14 th
Five-Year Plan focuses on the electrification of the industry to reduce the coal
consumption (China renewable Energy Outlook 2019).
3.2.4 The Renewable Policy Instruments of Japan
The feed in tariff policy instrument is the support mechanism for both solar PV
and wind power generation as described in the Strategic Energy Plan issued in
19
Danish company Ørsted decided to include the production of renewable hydrogen
in the tender for the Holland Coast South 3&4 offshore wind farm (Orsted 2019).
3.2.2 The Renewable Policy Instruments of Australia
The main policy instrument to support the development of renewable energy is
a renewable electricity generation certificates mechanism (About the Renewable
Energy Target n.d.). The Renewable Energy Target is an Australian Government
scheme to encourage additional generation of electricity from sustainable and
renewable sources. There are two mechanisms in place, one for large-scale renewable energy projects and one for small-scale renewable energy projects. In May
2018, The LRET incentivises the development of renewable energy projects by
the creation and sale of large-scale generation certificates (LGCs). The number
of LGCs to be issued on a yearly basis are defined through a renewable power
percentage system operating under the authority of the Clean Energy Regulator
(19,31% in 2020, equivalent to 33,7 million LGCs).
A renewable energy project developer shall get the power station accredited
under the RET. Once accredited, the renewable energy power station is entitled
to create LGCs and sell them.
In addition to the LGCs mechanism, renewable energy projects secure revenue
streams through PPA (Briggs 2019).
3.2.3 The Renewable Policy Instruments of China
The recommendations of the 14 th Five-Year Plan stipulate that the supporting
renewable energy policies shall be ensured after a transition from the feed in tariff
mechanism to market prices. Although the new supporting policy mechanisms
have not yet been defined, the report mentions the reduction of the regulatory
costs imposed on renewable energy companies. The recommendations of the 14 th
Five-Year Plan focuses on the electrification of the industry to reduce the coal
consumption (China renewable Energy Outlook 2019).
3.2.4 The Renewable Policy Instruments of Japan
The feed in tariff policy instrument is the support mechanism for both solar PV
and wind power generation as described in the Strategic Energy Plan issued in