A report commissioned by NAB from Deloitte Access Economics, called “All Systems Go: Powering Ahead”, says the opportunity is there for the taking with the right mix of policy, innovation and investment to trade competitively.
First, however, the country will have to meet its 82 per cent renewable-energy target for the national electricity market by 2030, reach interim emissions reduction targets and net zero by 2050, and implement already-announced decarbonisation policy initiatives.
An additional $120bn of investment will also be required to secure a competitive edge for Australia in key sectors of the net-zero global economy.
The sectors include green hydrogen to power vehicles, generate electricity and produce heat; renewable energy, and critical minerals such as lithium used in battery manufacturing.
“From 2030, Australia can take advantage of this transformation and surging global demand created by the need to rapidly replace emissions-intensive assets,” the Deloitte Access Economics report says.
“Increases in productivity and innovation across connected supply chains and emerging technological processes grows Australia’s green industrial export opportunities by $420bn by 2050.”