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Recommendations for Renewable Energy & Energy Efficiency Financial Mechanisms

This publication provides recommendations for financial mechanisms that support the adoption of renewable energy and energy efficiency, based on Australian experience. It covers topics such as the National Electricity Market, Tradeable Renewable Energy Certificate Scheme, grid-connected PV, tradeable energy efficiency certificate schemes, and emissions trading scheme. The publication also discusses the introduction of new RE technology, implementation factors, the I3A Sustainable RE Service Delivery Framework, and the role of financial mechanisms.

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Recommendations for Renewable Energy & Energy Efficiency Financial Mechanisms

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  1. Renewable Energy & Energy Efficiency Financial Mechanisms: Recommendations Hugh Outhred, Former Presiding Director, CEEM, UNSW APEC Workshop on Recent Advances in Utility-Based Financial Mechanisms that Support Renewable Energy & Energy Efficiency Honolulu, Hawaii, 30 March – 1 April 2009

  2. Recommendations based on Australian experience #1 • In the Australian context (may not be transferrable): • The National Electricity Market works well • The Tradeable Renewable Energy Certificate Scheme has worked well for low-cost RE: wind, hydro & biomass • Grid-connected PV still uncompetitive: • FiTs used instead but are a form of middle-class welfare • Tradeable Energy Efficiency Certificate Schemes are not yet working well (very abstract & need strong regulation) • Emissions Trading Scheme yet to be implemented: • Very broad coverage may create uncertainty & be easy to game • Unlikely to act fast enough for Australia to make an equitable contribution to avoiding dangerous climate change Recommendations for RE & EE financial mechanisms

  3. Recommendations based on Australian experience #2 • Introducing new RE technology involves diffusion of innovation & requires social capital: • Can be either organic or government-led (accelerated) • Government-led should take a holistic approach • Government-led strategy for RE introduction: • Consider both tech. components & tech. systems: • Analyse using Decision Making (DM) & I3A Frameworks • Consider what energy services you wish to promote • eg on-grid vs off-grid; RE resources; local manufacture vs import • Develop appropriate orgware, software before hardware: • Design using DM & I3A frameworks within the cultural context • Deploy RE hardware within macro-economic constraints Recommendations for RE & EE financial mechanisms

  4. The I3A Sustainable RE Service Delivery Framework (Retnanestri, 2008) I Implementation: Institutional aspects & external factors affecting RE service delivery Accessibility: Financial, Institutional, Technological accessibility Availability: Technological, Institutional aspects to maintain service quality & continuity Acceptability: Social & ecological dimensions Recommendations for RE & EE financial mechanisms

  5. Role of financial mechanisms - conclusions • Choice of mechanism depends on context, eg: • On-grid or off-grid; RE deployment maturity • RE hardware: local manufacture or import • Orgware & software (O&S) status (education & training, institutions) develop prior to hardware deployment • To deploy technically proven hardware after O&S: • FiT, RPS, tradeable instruments etc. as appropriate • For hardware RD&D: • Innovation support policies & institutions • Education & training (O&S): • Scholarships, apprenticeships, courses, RD&D funding Recommendations for RE & EE financial mechanisms

  6. Hugh Outhred, CEEM, UNSW: h.outhred@unsw.edu.au Many of our publications are available at: www.ceem.unsw.edu.au Recommendations for RE & EE financial mechanisms

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