Foreword

Global decarbonisation efforts are having a profoundly transformative effect on the way the world engages in trade and investment. The growing global demand for green energy and green-alternatives to traditionally emissions-intensive exports presents immense opportunities for Australia to be a leading destination for trade and investment in the future global green economy and to establish itself as a ‘green energy superpower’.

Australia is well-placed to benefit from global green energy transition given our unique strengths and comparative advantages, such as abundant renewable energy resources, significant criterial minerals reserves, highly skilled workforce, world-class research and development sector and our reputation as a reliable trading partner and attractive investment destination.

Throughout this inquiry, the Committee’s attention was drawn to the vast range of existing and emerging opportunities for Australia to develop export-oriented industries and benefit from the global green energy transition. In particular, the opportunities for enhanced value-added manufacturing provide enormous potential for jobs and economic benefits for all Australians.

The Committee sought to understand how the Australian Government can best support Australian companies to capitalise on the global green energy transition. It became clear to the Committee that this could be best achieved by utilising and expanding Australia’s existing trade and investment architecture for the green economy, targeted public funding and investment to support emerging green industries, and improved government coordination and consistency across regulatory frameworks.

While Australia is well placed to benefit in the global green economy, the transition is not without challenges, and these must be addressed if Australia is to realise its green energy superpower potential.

The Committee has made 16 recommendations in this report that it hopes will strengthen Australia’s transition to a green energy superpower, address challenges and prepare Australian industry to meet the expectations and demands of a future decarbonised global ‘green’ economy.

On behalf of my Committee colleagues, I would like to thank all those who took part in the inquiry process by providing written submissions, giving evidence at public hearings or hosting the Committee for site visits.

I would also like to thank my Committee colleagues and the Secretariat staff for their work on this inquiry.

Mr Steve Georganas MPChair