Green Energy: A new report says renewables could be a $21tn industry for Australia by 2050
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Research commissioned by News Corp has demonstrated more than 672,000 jobs will be created, with $2.1 trillion in economic activity generated in the Australian renewable energy sector by 2050.
The Valuing Mission Zero report was compiled by former prime ministerial economics advisor Andrew Charlton, for global firm Accenture and draws on 56 separate reports and sources from around the world.
It demonstrates that the massive injection into Australian GDP would include a projected $363 billion in clean energy production – including renewable power and carbon capture, and $407 billion in the production of energy efficient products, including lighting, heating and cooling systems.
Reported in the courier mail, an estimated $611 billion of extra economic activity and in the transport and mobility sector is also anticipated, such as the adoption of electric vehicles, plus $107 billion in urban infrastructure including 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,” the authors said.
“Opportunities in WA total $356 billion and in South Australia $114 billion.”
With our abundant renewable energy resources Australia is the best placed nation in the world to benefit from net zero,” Charlton said.
“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.”
Andrew Forrest-backed Fortescue Future Industries (FFI) has made yet another move to become the world’s leading, fully renewable green products company with the announced construction of an electrolyser and equipment factory in Gladstone, Queensland.
In an announcement with the Queensland Government over the weekend, FFI’s Global Green Energy Manufacturing Centre (GEM) will be the first step in a series of projects that will transform Australia through green manufacturing and energy production centres.
GEM will be delivered in specialist production lines according to the requirements of FFI and its customers, including the manufacture of wind turbines, long-range electric cabling, solar photovoltaic cells, electrolysers and associated infrastructure.
Stage one of the six-stage project will establish Australia’s first multi-gigawatt-scale electrolyser factory, with an initial capacity of 2 gigawatts (GW) per annum – more than doubling current global production.
The total investment could be up to or more than AU$1 billion as orders firm for electrolysers and other green industry equipment, with initial electrolyser investment expected to reach up to AU$114 million – on the back of first electrolyser production earmarked for 2023.
FFI chief executive officer Julie Shuttleworth said FFI’s manufacturing arm, starting with electrolysers and expanding to all other required green industry products, “will herald great potential for green manufacturing and employment in regional Australia.”
“Our first facility in Gladstone will become an epicentre for Queensland’s green hydrogen ambitions, building on its skilled workforce, its great foresight in industrial master-planning, a world class port, and a constructive and supportive State Government.”
Queensland Premier Annastacia Palaszczuk said FFI and Queensland have a strategy to partner with the private sector to make Queensland a world leader in advanced manufacturing and hydrogen generation.
“Andrew Forrest and I both see Queensland’s great potential as a renewables exporter and manufacturer of hydrogen equipment.”
“This partnership will create local jobs, support our economic recovery and create an advanced manufacturing industry in Gladstone that doesn’t exist anywhere else in the country.”
FFI Chairman and Founder, Dr Andrew Forrest AO said the company is staying ahead of the curve in the clean energy transition.
“As GEM develops according to FFI’s own requirements and other customer needs, manufacturing will come roaring back to regional Australia, creating many thousands of jobs.”
“This initiative is a critical step in Fortescue’s transition from a highly successful pure play iron ore producer to an even more successful green renewables and resources powerhouse.”
This move follows an announcement last week of FFI snapping up a 60% stake in Dutch based High yield Energy Technologies (HyET) Group, to build a 1 GW solar manufacturing facility in Australia.