The figures are set out in the latest Quarterly Carbon Market Report (QCMR) and 2023–24 National Greenhouse and Energy Reporting (NGER) data, published by the Clean Energy Regulator (CER), and the National Greenhouse Gas Inventory Quarterly Update: September 2024, released by the Federal Department of Climate Change, Energy, the Environment and Water (DCCEEW).
The reports show:
In 2024, Australia produced more renewable electricity than ever before, with 92,700GWh of renewable energy going into grids across the country. This is an increase of more than 30 per cent since 2021, with a record 46 per cent of the electricity in the grid renewable in the last quarter of 2024.
Daily records for renewable generation were also set, with over 75 per cent of electricity in the National Energy Market (NEM) coming from renewables on 6 November 2024, and 85 per cent renewables in Western Australia on 17 November 2024.
A record amount of solar, wind and other renewables came online across 2024, reaching 7.5GW capacity, up from 5.3GW in 2023. The amount of large-scale generation accredited was itself an Australian record at 4.3GW, as was 3.2GW of rooftop solar.
Renewable investment continues at pace, with an additional $9 billion of projects reaching financial investment decision in 2024. These are expected to deliver an extra 4.3GW of new large-scale capacity once built and are estimated to deliver more than 10,000 new construction and installation jobs.
On emissions, the September 2024 Quarterly Update shows total emissions across all sectors were 0.5 per cent or 2.2Mt lower than the same period in 2023.
Australia’s total greenhouse gas emissions are now 29 per cent below 2005 levels – the base year for the 2030 Paris Agreement target. The most recent Emissions Projections show emissions will continue reducing to 42.6 per cent below 2005 levels by 2030.
The Federal Government said it has turned around Australia’s emissions trajectory and put the nation on track to meet its legislated targets in the last three years, including through reforms such as those to the Safeguard Mechanism, which is working to reduce emissions from Australia’s largest polluters.
This is reinforced by NGER data for 2023–24 which shows a reduction in direct emissions compared to 2022–23 for facilities such as electricity generators, retailers, and includes emissions not covered by the Safeguard Mechanism.
Federal Minister for Climate Change and Energy, Chris Bowen, said the Federal Government’s plan is working.
“Australia must stay the course and continue to lift our efforts to increase these reductions to 2030 and beyond.”
QCMR
The CER said the QCMR shows that Australia’s carbon market, coupled with the reformed Safeguard Mechanism, are assisting businesses to make strong contributions toward Australia achieving its emissions reduction targets.
In 2024, schemes administered by the CER are estimated to have reduced emissions by at least 69.2Mt of carbon dioxide equivalent (Mt CO2-e), up eight per cent from 2023.
This is expected to rise to at least 72Mt CO2-e in 2025. The CER said these are conservative estimates, as they use the average emissions intensity of the electricity grid rather than assuming renewables are solely displacing coal and gas generation.
CER Chair, David Parker, said the CER issued a record 18.8 million Australian carbon credit units (ACCUs) in 2024, with a total of 53.9 million ACCUs now held in the registry.
“We have also observed increased trading activity in Q4 of 2024 as safeguard facilities ensure they have adequate supply to meet their upcoming safeguard obligations by 31 March 2025.”
Aggregate 2023–24 covered emissions at safeguard facilities reduced to approximately 136Mt CO2-e, down from 138.7Mt CO2-e in 2022–23.
The CER said the reformed Safeguard Mechanism is operating as intended to encourage safeguard facilities to progressively reduce their industrial emissions at source. ACCUs and Safeguard Mechanism credit units are expected to play an important role in allowing companies to comply with their safeguard obligations while they transition by implementing their decarbonisation projects.
“Industry intelligence over the course of 2024 has revealed that many safeguard entities have advanced plans in place for decarbonisation. Others are earlier in the journey or face significant technological challenges,” Mr Parker said.
Approved large scale power stations – mainly wind farms – contributed 4.3GW to the record renewable generation capacity of 7.5GW in 2024.
Looking ahead, the CER anticipates that renewable penetration in the NEM could reach 44 per cent to 46 per cent in 2025. This assumes a return to average generation conditions, particularly for wind and hydro.
Updated NGER data
The CER also released the 2023–24 NGER data, which reports on corporations’ scope one and two emissions, energy production and energy consumption.
The updated data showed an overall decrease in scope one emissions of 4Mt tonnes compared to totals for the previous year.
The decrease was led by emissions reductions in the primary metal and metal product manufacturing, chemicals and petroleum/coal products and coal mining sectors.
For the 2023–24 year, corporations reported a total of:
303Mt of direct (scope one) greenhouse gas emissions (carbon dioxide equivalence)
74Mt of indirect (scope two) greenhouse gas emissions (carbon dioxide equivalence)
3,595PJ of net energy consumed
From 2023–24, controlling corporations can choose to report market-based scope two emissions in addition to mandatory location-based scope two emissions.
National Greenhouse Gas Inventory Quarterly Update
The Quarterly Update of Australia’s National Greenhouse Gas Inventory reports on the latest greenhouse gas emissions.
The report shows emissions were 434.9Mt CO2-e in the year to September 2024. This is a decrease of 0.5 per cent (2.2 Mt CO2-e) compared with the previous year.
DCCEEW said the year-on-year change in emissions to September 2024 reflects movements across sectors, including:
Decreased emissions in stationary energy – excluding electricity, (down 2.3 per cent or 2.2Mt CO2-e), reflecting decreased combustion activity
Decreased emissions from industrial processes and product use, (down 6.4 per cent or 2.1Mt CO2-e), driven primarily by reduced steel production
Decreased emissions from agriculture (down 2.0 per cent or 1.7Mt CO2-e), mainly due to decreased crop production
Increased transport emissions (up 2.1 per cent or 2.0Mt CO2-e), mainly due to emissions from domestic aviation reaching their highest level on record and increased demand for diesel for road transport
An increase in electricity emissions (up 1.5 per cent or 2.3Mt CO2-e), as lower hydro generation led to increased contribution from all other forms of generation, including fossil fuels
