According to a new analysis, green exports represent a $333 billion opportunity for Australia. Green exports might almost quadruple the value of present fossil fuel exports by 2050. September 28, 2021
According to a recent analysis by Beyond Zero Emissions, Australia could develop a new green export mix worth $333 billion per year, nearly double the value of present fossil fuel exports.
The report, titled Export Powerhouse: Australia’s $333 billion Opportunity, demonstrates how new green export industries will meet surging demand for zero-carbon products like green steel, renewable hydrogen and ammonia, green aluminum, and critical minerals that will dominate global economic growth this century.
Heidi Lee, CEO of Beyond Zero Emissions, stated, “The world will decarbonize in the three decades running up to 2050.” Australia may choose to become a green export powerhouse and reindustrialize the country, or we can miss out by not acting now.” As our main trading partners implement their net-zero emissions obligations, fossil exports will fall. If we do not invest soon in these new green exports, other countries will seize early market share, and there will be an inadequate runway to build new export businesses in time to recover the country’s lost export income.
“Regional Australia will profit if Australia works quickly to obtain a market share in the global zero-carbon economy.” This generates high-quality industrial employment while creating the clean commodities required by the world to meet its climate commitments.” “There will be a tremendous demand for these green exports in the coming decades from businesses, industry, investors, and our important trading partners.” Australia is best poised to satisfy this need, as it has the renewables, raw materials, expertise, and ESG credentials.”
Investing in long-term downstream refining and processing facilities for important minerals would provide enormous value to Australia’s mining and industrial sectors. This market is already being developed through creative local ventures such as Alpha HPA in Gladstone, Queensland. “If Australia were to co-locate mining and processing facilities driven by low-cost renewables, it would give Alpha HPA goods with a significant edge in global ESG markets,” stated Rob Williamson, Alpha HPA’s Chief Operations Officer.
“Our team at Alpha HPA is thrilled to be playing a part in pushing Australia down the value chain, giving the nation sovereign competence and helping to ensure robust, low carbon supply chains for our trade partners while locking in economic and job development prospects.”
Key facts:
- At the moment, fossil fuels in the form of thermal coal, metallurgical coal, crude oil, and LNG account for 39% of Australia’s total commodity exports.
- However, Australia’s biggest trade partners’ climate commitments would cost the country $128 billion in annual exports unless we invest in alternatives.
- According to recent analysis by Beyond Zero Emissions, Australia’s earnings from new green exports may reach $333 billion by 2050.
- The research lays out three options for Australia: Go for Gold, Slow Starter, and Last in Line.
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