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Contemporary Business Law Assignment

   

Added on  2021-05-31

10 Pages2080 Words31 Views
Contemporary Business Law

ContentsIntroduction......................................................................................................................................3Contemporary issue from legal perspective....................................................................................3Contemporary issue from business perspective...............................................................................5Contemporary issue from personal perspective...............................................................................6Conclusion.......................................................................................................................................8References........................................................................................................................................8

IntroductionThe energy and resources market of Australia has undergone significant changes in the last fewyears and the country is emphasizing on construction of renewable and various other new energyinfrastructure. The renewable generation has increased by 12% in last two years majorly due togrowth in hydropower. Renewables accounted for 16% of the total generation in 2016 inAustralia(Ashurst 2015). As the country is transitioning towards lower emissions economy andfuture government policies are likely to support investment in renewables, increase in theinvestments in renewable energy sector is expected. The exiting Renewable Energy Target(RET) scheme aims to generate 20% of the energy of Australia through renewable sources till2020. RET should continue its functioning with the Clean Energy Target operating together withit as a supplementary policy, which demands electricity companies to provide a pre-establishedamount of power through low-emission sources or renewables(Global Legal Insights 2018). The Australian Renewable Energy Agency (ARENA) was established in 2012 under the ARENAAct 2011 with an objective to improve the effectiveness of the renewable energy technologies aswell as increasing the supply of renewable energy in Australia. The funds of around $2bn hasbeen raised by ARENA for the purpose of enabling the commercialization of renewable energyprojects till 2022. Contemporary issue from legal perspectiveFrom the legal point of view, the renewable energy laws in Australia are highly sustainable forthe flourishing of renewable energy sector. The Clean Energy Regulator administers theadministration of the large scale RET and the small scale Renewable Energy Scheme so as toboost supplementary generation of the electricity through the renewable energy sources(Commonwealth of Australia 2018). In addition, the RET legislation provides an encouragement

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