Victoria
New South Wales
South Australia
Queensland- Australia Hits 1.5°C Increase: Urgent Need for Adaptation and Carbon Abatement
- VEU Market Update: Surrenders, Penalties and Upcoming Stakeholder Forum
Australia Hits 1.5°C Temperature Increase: Urgent Need for Adaptation & Carbon Abatement.
On 31 October, the Australian Bureau of Meteorology and CSIRO’s State of the Climate Report 2024 delivered a stark reminder: Australia’s climate has warmed by 1.5°C since national records began in 1910. This milestone highlights the urgent need for both greenhouse gas abatement and adaptation to climate change.
The report emphasises the importance of accelerating adaptation efforts, particularly in the housing sector, where vulnerable homes need to electrify and adapt sooner rather than later. This is a key focus for both homes and businesses as climate impacts become more pronounced.
Ecovantage remains committed to supporting carbon abatement and fostering the transition to a low-carbon economy in household, business and industrial environments. In commercial and industrial environments, the Climate Related Financial Disclosure (CRFD) reporting is set to commence in 2025 for Group 1 businesses. Being the first of its kind, Ecovantage is actively assisting both Group 1 businesses and their associated entities within the Group 1 supply chain to ensure their preparation.
VEU Market Update: Surrenders, Penalties & Upcoming Stakeholder Forum.
In a recent statement, the Victorian Energy Upgrades (VEU) program reported that 28 energy retailers met their 2023 Victorian Energy Efficiency Certificate (VEEC) obligations. However, three retailers faced penalties for failing to meet their surrender requirements.
- $28 million (for almost 311,000 VEECs short)
- $905,000 (for just over 10,000 VEECs short)
- $949,000 (for just over 10,500 VEECs short)
In response to these shortfalls, the Victorian government plans to revise program rules to give liable entities additional time to acquire certificates. This will result in a removal of the ‘Vintage Rule’ which stipulates eligible certificates for surrender must be created within each vintage period, therefore allowing for a longer creation window before the next surrender deadline.
The annual VEU Stakeholder Forum is scheduled for 21 November and will be held online only. The forum will address important updates, priorities, and trends relevant to program participants, with a chance for questions.
At Ecovantage, we consistently analyse market activity, policy changes, consultation releases, and creation rates in conjunction with wider landscape activity. This allows us to keep our clients at the forefront of all relevant changes, and to leverage the advantage that this presents. Thank you for your continued support, and please reach out if you have any general or project-specific questions.
