The Renewable Energy Market in Australia Essay Example

Essays on The Renewable Energy Market in Australia Essay The paper "The Renewable Energy Market in Australia" is an outstanding example of an essay on marketing. The renewable energy market in Australia consists of the electricity consumption generated via geothermal, hydroelectric, solar, and wind means, as well as through waste combustion or wood. Renewable energy in the country is a critical part of Australia's low emissions mix of energy sources and is critical to Australia's security of energy production. It plays a significant role in the reduction of Australia's greenhouse gas emissions, greatly being of help to Australia staying on track and helping it meet its Kyoto target and even extending beyond (Australian Conservation Foundation 2007, p.12-25). The Government support for renewable energy strategizes and facilitates considerable assistance to industry development, reducing barriers to the electricity market nationally, and providing easy community access to forms of renewable energy.In Australia, wind and solar energy sources are the most harnessed on a small scale comparatively, and the two are at the stage of commercialization. However, there are other sources being investigated as well as given some consideration for instance wave and geothermal power but these are not mainly under scrutiny like the wind and solar power. It is importantly noted that Australia has an extraordinary potential for broad renewable energy capabilities. Nevertheless, this has not yet been realized fully, and Australia’s abundant resources are being utilized currently (Keith 2006, p.793). The noteworthy deployment of the respective technologies would mitigate the country’s greenhouse gas emissions substantially, as the extensive electricity generation accounts for the highest percentage of the country's emissions of carbon (Dennis 2006, p.791). There is a movement known considerably as The Transition Decade to transition of the country’s entire energy system directly to become renewable by 2020. In the ye ar 2006, Australia’s electricity production in a year was 255 TWh, with an approximated 9,500 GWh of the same from renewable sources. This is representation was less than 4% of the consumption of electricity annually (Australian Conservation Foundation 2007, p.12-25). The Australian Government in the current times has a Renewable Energy Target purely Mandatory to introduce 9,500 GWh of renewable generation in a year, based on 1997 levels by the year 2010 and would continue to 2020.There are different types of devices in the Australian market all meant for the reproduction of renewable energy. It is estimated that, over the last few years, Australia has been on the frontline in the installation of a large capacity of renewable energy. Additionally, the country installed a minuscule level of renewable energy capacity. In the year 2008, Federal and State Governments in the country were on the frontline of partially funding a few more energy projects, which also received funding from the private companies.