Democratic nations need green tech to reach net zero

When the world gathered in France nearly six years ago to conclude the Paris Climate Agreement, we did so having already seen the consequences of a climate in flux. It was clear that urgent global action on climate change was necessary.

The Cop26 gathering in Glasgow in November is an important check-in moment for the Paris accord. Today, our work is to step up practical action worldwide and, in doing so, show how we will rapidly accelerate global emission cuts while enabling green growth.

For Australia’s part, our experience with technologyorientated pathways gives us confidence that a prosperous net-zero world is well within our reach. Our rollout of renewables has made clear to Australian firms and families the economic benefits of investing in clean technology. On the world stage, Australian investments continue to make an impact. I recently met with the Australian firm Suncable whose harnessing of solar energy will see them transmit clean energy from Australia first to Singapore and then across the region.

While I am immensely proud of Australia’s global leadership on low-emissions technology, there remains work to be done on the next phase of our worldwide decarbonisation challenge.

We must significantly increase the rate at which we deploy low emissions technology solutions and Australia has committed to significant investments of more than AU$20 billion (£10.6bn) in clean technologies. Second, for the many industries yet to see a cost-competitive path to a net-zero future, we must co-invest in finding those paths in order to ensure a regular pipeline of solutions.

These technology challenges and opportunities are not unique to Australia. That’s why, today, Australia’s energy and emissions reduction minister, Angus Taylor, is joining Kwasi Kwarteng, Britain’s Business and Energy Secretary, to sign the first “letter of intent” on low emissions technology between Australia and the UK. Concluding a wideranging deal on emissions technology is important – not only for research, development and investment but for the confidence it affords us as we work towards a new way of powering our world that preserves our character as free-market, liberal democratic nations.

We believe by breaking down barriers to green trade, and ensuring free flow of the goods and people that make net zero happen, we can drive the cost of critical technologies down and achieve our preferred vision. These are goals which are, of course, shared not only by our two nations but by many around the world and Australia looks forward to leading, with the UK, in multilateral forums to accelerate the deployment of low emissions technology.

To achieve that, we also know we need a secure and reliable supply of the critical minerals that enable high-abatement technologies. Through this partnership, and the others recently agreed by Australia with Germany, Japan and Singapore, we are reflecting our ambition not just for climate action but reliable and diversified supply chains for our energy future.

Net zero will be difficult. It will require an unprecedented mobilisation of capital, talent and grit to get there. However, just as we have met challenges before, I am confident that Australia and the UK will not only thrive in a net-zero world but, through deals like this, define it for generations to come.