$2 trillion boost to economy
FAR FROM BEING A JOBS AND CASH KILLER, THE SWITCH TO CLEAN ENERGY CAN BE THE BIGGEST BONANZA IN HISTORY, WRITES JOE HILDEBRAND
AUSTRALIA is the bestplaced nation on Earth to be the global winner in a net-zero world, with more than 672,000 jobs created and $2.1 trillion in economic activity generated by 2050. Billionaires, blue-collar workers, green groups and the national architect of the blueprint to net zero have all joined forces for Mission Zero – an unprecedented new project that reveals for the first time the enormous economic forces Australia could unleash by harnessing the clean-energy revolution.
This includes construction of the world’s largest solar plant, powering our iron ore exports with hydrogenfuelled machines and the rebirth of our mining industry as a global treasure chest of rare earths and other minerals.
Research commissioned by the Mercury shows the massive injection into Australian GDP would include a projected $363 billion in cleanenergy production – including renewable power and carbon capture – and $407 billion in the manufacture of energy-efficient products, including lighting, heating and cooling systems.
There would also be an estimated $611 billion of extra economic activity in the transport and mobility sector, including the adoption of electric vehicles, plus $107 billion in urban infrastructure such as public transport and traffic systems.
New investment would be greatest in NSW, with $616 billion projected, followed by Queensland with $473 billion and Victoria with $432 billion.
Opportunities in Western Australia total $356 billion and in South Australia $114 billion.
The Valuing Mission Zero report was compiled by former prime ministerial economics supremo Andrew Charlton for global firm Accenture and draws on 56 reports and sources from around the world.
“With our abundant renewable energy resources, Australia is the best-placed nation in the world to benefit from net zero,” Dr Charlton, Asia-Pacific Sustainability Lead and Accenture managing director, said.
“There are trillions of dollars of new business opportunities across the economy in transport, infrastructure, utilities, resources, agriculture and construction.
“The transition to net zero will create hundreds of thousands of jobs. No matter what your skill level or where you live, there will be new jobs in farming, factories, transport and information technology.”
Billionaire entrepreneur Mike Cannon-Brookes, who is building the world’s largest solar farm in the
Northern Territory, said Australia was perfectly positioned to be a world-beater in the new economy.
“We should be pushing the world to decarbonise because, literally, we will be one of the biggest winners on the planet,” he said.
“We can create a fast, stable and better economy with more jobs and everyone’s bills will be cheaper.”
Mining magnate Andrew Forrest, who is transforming his Fortescue Metals Group into a carbon-neutral company, said the new economy would deliver massive opportunities for the mining industry and the regions. “The time has come for people throughout the country, and in the country, to really be excited by the new future of sustainable energy and sustainable products which come from it,” Dr Forrest said. “They don’t have to say, well, we’re giving up fossil fuels, we’re taking huge risk. No, they’re just embracing an industry which they will be very good at.”
Coal miners’ union boss Tony Maher said a wealth of other minerals in Australia would keep Australian mining strong even as domestic coal consumption drew to a close and global coal demand gradually tapered off in the decades ahead. “We’ve got every mineral there is. We’ll always have a strong mining industry,” the CFMEU Mining Division president said. “And we’ll have a strong coal industry for a long time to come.”
Recycling king Anthony Pratt said Australian manufacturing would also thrive in the new environment. “Australia has always been an innovation nation and I believe our manufacturing industries have a great future,” he said.
“We have all the ingredients to lead our region in sustainable manufacturing, and we’re already doing that in many areas.”
Australian Workers Union national secretary Daniel Walton said workers had a bright future in both mining and manufacturing.
“Australia can and should be a 21st century green manufacturing powerhouse, but if we want that future tomorrow we need to keep the lights on today,” he said.
“Australia has incredible opportunities in the resources of the future – hydrogen, sustainable timber, rare earths, uranium, lithium, the list goes on. But we shouldn’t limit our ambitions to exporting raw materials. If we want quality bluecollar jobs in the future, we have to invest heavily in the manufacturing industries of the future.”
Former chief scientist Alan Finkel, now the federal government’s special adviser on the road map to net zero, said Australia had unrivalled opportunities.
“Getting to zero will bring enormous opportunities for Australia’s export industries,” he said.
“Young and old can be part of the new economy, building our prosperity while eliminating the greenhouse gas emissions that are warming our planet.”
Australian Conservation Foundation chief Kelly O’Shanassy said Australia needed to act now to seize the benefits. “Australia could be the envy of the world, but it will take national leadership to co-ordinate – and we need it fast,” she said.