New government, new targets

IHS Markit has increased its solar installation forecast for Australia to 45 GW between this year and 2030, following the recent election which saw the country vote in the Labor Party. Climate-focused candidates won a majority in May, with plans to invest in grid upgrades to facilitate the development of Renewable Energy Zones (REZs) and community solar-plus-storage projects. IHS Markit’s Clare McCarrick writes that solar installations will support the new government’s target of a 43% emissions reduction by 2030, based on 2005 levels. This is a significant increase on the previous government’s target of a 26% to 28% reduction.