澳大利亞可再生能源行業(yè)出口機(jī)遇-22正式版

Sunshotin2023:AcceleratingtowardsAustralia’srenewableexportsopportunityFinalreportMarch2023Commissionedby每日免費(fèi)獲取報(bào)告1、每日微信群內(nèi)分享7+最新重磅報(bào)告；2、每日分享當(dāng)日華爾街日?qǐng)?bào)、金融時(shí)報(bào)；3、每周分享經(jīng)濟(jì)學(xué)人4、行研報(bào)告均為公開(kāi)版，權(quán)利歸原作者所有，起點(diǎn)財(cái)經(jīng)僅分發(fā)做內(nèi)部學(xué)習(xí)。掃一掃二維碼關(guān)注公號(hào)回復(fù)：研究報(bào)告加入“起點(diǎn)財(cái)經(jīng)”微信群。。AboutACFAcknowledgementofcountryTheAustralianConservationFoundationisAustralia'snationalenvironmentorganisation.Weare700,000peoplewhospeakoutfortheairwebreathe,thewaterwedrink,andtheplacesandwildlifewelove.WeareproudlyAccentureandthecommissioningorganisationsrespectfullyacknowledgeAustralia’sAboriginalandTorresStraitIslanderpeopleastheTraditionalOwnersofAustraliaandpayrespecttotheirElderspast,present,andemerging.independent,non-partisanandfundedbydonationsfromourcommunity.AboutACTUTheAustralianCouncilofTradeUnionsisthepeakbodyforAustralianunions,madeupof38affiliatedunionswhotogetherrepresentabout1.8millionworkersandtheirfamilies.AboutAccentureAboutBCAAccentureisaleadingglobalprofessionalservicescompanythathelpstheworld’sleadingbusinesses,governments,andotherorganizationsbuildtheirdigitalcore,optimizetheiroperations,acceleraterevenuegrowthandenhancecitizenservices—creatingtangiblevalueatspeedandscale.Weareatalentandinnovationledcompanywith738,000peopleservingclientsinmorethan120countries.Technologyisatthecoreofchangetoday,andweareoneoftheworld’sleadersinhelpingdrivethatchange,withstrongecosystemTheBusinessCouncilofAustraliarepresentsAustralia’slargestemployers,advocatingforgoodpolicyonbehalfofthebusinesscommunityandtheAustralianstheyemploy.AboutWWFrelationships.Wecombineourstrengthintechnologywithunmatchedindustryexperience,functionalexpertise,andglobaldeliverycapability.Weareuniquelyabletodelivertangibleoutcomesbecauseofourbroadrangeofservices,solutions,andassetsacrossStrategy&Consulting,Technology,Operations,IndustryX,andAccentureSong.Thesecapabilities,togetherwithourcultureofsharedsuccessandcommitmenttocreating360°value,enableustohelpourclientssucceedandbuildtrusted,lastingrelationships.Wemeasureoursuccessbythe360°valuewecreateforourclients,eachother,ourWWF-Australiaispartoftheworld’sleadingconservationnetworkandhasbeenworkingtocreateaworldwherepeopleliveinharmonywithnaturesince1978.WWF’smissionistostopthedegradationoftheearth’snaturalenvironmentandtobuildafutureinwhichhumansliveinharmonywithnature.Ateverylevel,wecollaboratewithpeoplearoundtheworldtodevelopanddeliverinnovativesolutionsthatprotectcommunities,wildlife,andtheplacesinwhichtheylive.Since2019,WWFhasbeenadvocatingforAustraliatobecomeaworldleadingrenewableenergyexportnationthroughitsRenewablesNationprogram.shareholders,partners,andcommunities.Visitusat.Foreword“Showusacceleratedactioninthisdecadeandrenewedambitiousnetzeroplans–orpleasedon’tshowup.”UNSecretary-GeneralAntonioGuterres’messagetogovernment,businessandsocietyleadersaheadoftheSeptember2023ClimateAmbitionsSummitInOctober2021,ourorganisationscametogether,representingAustralianbusiness,workers,andourenvironment,torelease‘Sunshot:Australia’sopportunitytocreate395,000cleanexportjobs’.ThereportidentifiedtheriskstoAustralia’seconomyifwecontinueourrelianceonfossilfuelexportsandlaysoutanalternativevisionforAustralia’sfuture:sixrenewableexportopportunitiesthatnowhavethepotentialtogenerateoverA$100billioningrossvalueadded(GVA)andsupportover400,000goodAustralianjobsby2040–anincreaseontheGVAandjobsbenefitsprojectedbyour2021Sunshotresearch.ThisislargerthantheGVAofourfossilfuelindustrytodayandwithmanymorejobs.onsupplychains,energysecurity,andpricing.Notsurprisingly,countriesaroundtheworldhaveacceleratedtheirshifttorenewableenergythroughtheintroductionofnewpoliciesandinvestmentplans.AmassivecleanenergystimuluswassignedbyPresidentBideninAugust2022aspartoftheInflationReductionAct(IRA).ThisUS$369billion(A$550billion)packagewillmakeAmericaaheavylifteroncleanenergytransition,andisalreadyshiftingtheflowofglobalcapitalbacktowardstheUS.ThisisbecauseamajorfocusoftheIRAisincentivisingclean-energymanufacturingandproductionwithintheUS.Eachoftheseopportunitiesrepresentsasubstantialnewindustry—aformidablesuiteofexportsthatcanunderpinAustralia’sfutureprosperity,createwell-paidjobs,andensureAustraliaplaysaleadershiproleintheglobalefforttoachievenet-zeroemissionsandaddresstheclimatecrisis.Unsurprisingly,manyothernationshaverespondedswiftly.On1February2023theEuropeanCommissionpresentedits€250billion(A$390billion)‘GreenDealIndustrialPlan’,andaJointUS-EUTaskforceontheIRAhasbeenestablished.SouthKoreaallocatedUS$61.9billiontoits‘GreenNewDeal’andaimstocreate659,000jobsby2025.JapanintendstoissueUS$150billion(A$220billion)ingreentransitionbonds.Canadaannouncedplanstoestablish“aninvestmenttaxcreditofupto30%forinvestmentsincleantechnologies…batterystoragesolutionsandcleanhydrogen”,framingthisasadirectresponsetotheIRA,andIndia’sgovernmenthasrespondedwithabudgetthatplaces“greengrowth”andsubsidiesfordomesticrenewablesproductionfront-and-centre.EvenSaudiArabia,apetrostate,announcedplanstoinvestUS$266billion(A$400billion)tobecomeaworldleaderinrenewablehydrogenexports.In2022,floodsdrivenbyclimatechangedisplaced60,000peopleacrossAustraliaandcostoverA$11billion.ItisinAustralia’surgentnationalinteresttohelpourselvesandothercountriesdecarbonisefasterbyutilisingandsellingourrenewableresources,products,skills,andexpertise—and,intheprocess,acceleratingourownjourneytobecomingarenewable-powerednation.SincethelaunchoftheSunshotreport,however,muchhaschanged.WehavewitnessedmajordevelopmentsinglobalclimatepolicyandenergymarketsthatarequicklytransformingtheterrainforAustralianpolicy-makers.ThewarinUkrainehasshownthestarkrealityofglobalrelianceonfossilfuelsandtheconsequentimpactsForewordcontinuesonthenextpage…Copyright?2023Accenture.Allrightsreserved.3ForewordcontinuedHugepoolsofcapitalarenowcoalescingaroundcleanInour2021Sunshotreport,wedemonstratedhowscalingupourambitiononrenewableexportscouldrealiseourgreatestcontributiontoglobalclimateaction,helpingaccelerateglobaldecarbonisationwhilesuperchargingtheAustralianeconomy.Inour2023update,wefocusprimarilyonactionsthatmustbetakenimmediatelyinthe2023-24Budgettorealisethatambitioninlightofnewlyintensifiedglobalcompetition.technologiesandtheracetobecomea‘renewablesuperpower’iswellandtrulyon.Whilethisisdecidedlygoodfortheplanet,Australianeedstorecognisethatcompetitionforcapitalishigh—meaningthetimeforsignificantactionisnow.WaitingtoolongcouldseetheAustralianeconomyboxedoutofthisracetothetopandrelegatedtoaminorroleinanemerginggreeneconomyofwhichwemightotherwisehavebeenacornerstone.Thisbudgetsubmissionidentifiesthreeactionsthatshouldbetakeninthe2023-24Budgetacrossthreefocusareas:cleanindustriesandexports,renewableenergybuildout,andjusttransitionpolicy.NoneofthesepiecesinisolationissufficienttotransformAustraliaintoarenewablesuperpower.Buttakentogether,theycanhelpvaultAustraliaintoaleadingroleintheglobalenergyThisleavesAustraliaatacriticaljuncture.Evenwithsomeofthebestsun,wind,and

criticalmineralresourcesintheworld,andageographicaladvantagepositionedclosetothemajoreconomiesofAsia,wecannotassumethatourwindowofopportunity(andcapital)willremainopeninperpetuity.Decisionsarebeingmaderightnowthatwillimpactthescale,shape,anddistributionofcleanenergysupplychainsfordecadestocome.transformation,andleverageouruniquecomparativeadvantagestousherinaneweraofAustralianjobsandprosperity.WebelieveeveryoneinAustraliacanandshouldbenefitfromtherapidshifttorenewableenergyandthejobs,prosperity,andclimatesafetythatwillcomealongwithit.Wealsobelievethatthescaleofthebenefitswereapwillbecommensuratetothepolicyambitionwemusterinthecomingyears.Australianeedstomatchthecountriesalreadyrunningatfulltiltbydeliveringalandmarkcleanenergyindustrialpolicy—acrossthepublicandprivatesectors—thatcombinesanorthstarofambitionwiththeincentives,investments,andworkforcedevelopmentneededtogetthere.ItistimeforAustraliatogobig.KellyO’ShanassyChiefExecutive,AustralianConservationFoundationMicheleO’NeilChiefExecutive,AustralianCouncilofTradeUnionsJenniferWestacottChiefExecutive,BusinessCouncilofAustraliaDermotO’GormanChiefExecutive,WWF-AustraliaSources:UnitedNations(2023);WorldEconomicForum(2022);EuropeanCommission(2022,2023);AsiaSociety(2022);SouthChinaMorningPost(2023);Reuters(2022);TheEconomicTimes(2023);HydrogenInsight(2023);CarbonCredits(2023);Accentureanalysis.Copyright?2023Accenture.Allrightsreserved.4Australiahasmadegreatprogresssofar,butmustmovefastertodecarboniseoureconomyandgrowourrenewableexportopportunitiesIn2021,wesetavisionforAustralia’slow-emissionsfuturewithsixrenewableexportopportunitieswhichcouldsupportover400,000good,securejobsandcontributeover$100billiontotheAustralianeconomy.1Overthelasttwoyears,globalcompetitiontodeveloprenewableindustrieshasintensified,requiringAustraliatoaccelerateactionacrossallitsexportopportunities.Annualglobalgovernmentspendingonrenewableenergyindustrieshasincreasedbyover30%overthelastfiveyears.Largeeconomieshaveincreasinglydeliveredstrategicindustrydevelopmentpolicies.TheUSInflationReductionActwillinvest$369bindomesticrenewableenergyprojects,whiletheEU’sproposedNet-ZeroIndustryActaimstoaccelerateEuropeanpublicinvestmentinrenewables.Tocapturetheeconomicopportunitiesfromtheglobaltransition,Australianpolicyactionmustnowbefasterandmoreambitious.Australiahasagreatopportunitytogrowexportindustriesin:1.Criticalminerals2.Greenmetals3.Batteries4.Renewablehydrogenandammonia5.Educationexports6.GreenprofessionalservicesWerecommendthreeGovernmentactionsforthe2023-24Budgettoaccelerateourenergytransitionandgrowourrenewableexportopportunities:Torealisethisvisionandbecomeagenuinerenewableenergysuperpower,Australiamustrapidlydevelopfourmutuallyreinforcingpillarsoftheenergytransition.???Recommendation1:fortheNetZeroEconomyTaskforcetodevelopaNationalRenewableExportsStrategy.Commit$10millioninthe2023-24Budget1.World-leadingrenewableexportsindustries2.Sufficientdomesticrenewablebuildout3.WidespreadelectrificationRecommendation2:DevelopacoordinatedNationalRenewableInfrastructurePlantourgentlyacceleratethedevelopmentofnewrenewableenergyinAustralia.4.EnergyTransitionAuthorityRecommendation3:Establishandfundanindependentnational-levelEnergyTransitionAuthority.Australiahasmadepositivestepsineachofthesefourpillars,withsomegoodprogresstowarditsexportopportunities,butmoremustbedoneforAustraliatobecomealeadingexporter.TheGovernmenthasmadesomeprogresstowardsanacceleratedtransition,withtheintroductionofkeypoliciesliketheNationalReconstructionFundandRewiringtheNation.Whileithasmadeprogressagainstsomeofitsexportopportunities,moreprogressisneededtofullyrealiseourrenewableexportpotential.Copyright?2023Accenture.Allrightsreserved.5Note:(1):GVAandjobsestimateshavebeenupdatedsincethe2021SunshotReporttoreflectglobalchangesinrenewabletechnologydemandandrevisedcommoditypriceforecasts.In2021,wesetavisionforAustralia’slow-emissionsfuturewithsixrenewableexportopportunitieswhichcouldsupportover400,000jobsperyearby2040Figure1:Australia’srenewableindustriesandexportsecosystem2040potentialGVA,jobsOpportunities5Criticalminerals1Exportofcriticalmineralsinraworvalue-addedformthatarerequiredforrenewableenergytechnologies$20-25bLowcostenergygenerationAustralia’s100kjobsabundanceofsolarandwindenergyresourcesGreenmetalsRenewableenergyhydrogenorammoniaproduction23456Processingandexportofhigh-valuemetals(e.g.,steel)producedusingrenewableenergy$20-25b100kjobs64BatteriesNH3NH3NH3NH3H2/NH3ExportofbatteriesorbatterycomponentsmanufacturedinAustralia$20-25b100kjobsRenewablehydrogenandammoniaExportofhydrogenandammoniaproducedwithrenewableenergy$20-25bAustralia’sabundanceofmineralscriticalforenergytransition30-50kjobs3EducationexportsInternationalstudentenrolmentsinrenewableenergyrelatedfieldsofstudyatAustralianuniversities$10-15bBatteriesmanufacturing&assembly50-70kjobsGreenprofessionalservicesExportofservicesrequiredtoscalerenewableenergyprojectsglobally(e.g.,engineering,ICT)$5-10bUseofrenewableenergyinminingofmineralsandmetalsRefiningofmineralsandmetalssuchasgreensteel,aluminum,andlithium30-50kjobs12Theseexportopportunitiesarenowexpectedtocontribute$100B+inGVAandsupport400k+jobsp.a.by2040.Note:GVAandjobsestimateshavebeenupdatedsincethe2021SunshotReporttoreflectglobalchangesinrenewabletechnologydemandandrevisedcommoditypriceforecasts.Toavoiddouble-counting,batteriesexcludescriticalmineralsandrefining.Torealisethisvision,Australiamustdevelopfourpillars:Figure2:Fourmutuallyreinforcingpillarsoftheenergytransitionexportindustries,renewablebuildout,electrification,andanEnergyTransitionAuthorityFocusofthis1.World-leadingrenewableexportindustries2.SufficientdomesticrenewablebuildoutreportTocapturetheeconomicTosupporttheAustralianeconomyasittransitionsfromcarbon-intensiveenergysourcestorenewableenergy,Australianeedstosignificantlyacceleratethepaceofdevelopmentofnewrenewableenergy.Wecanonlyachieveourvisionofover400,000renewableindustryjobsifweaccelerateourenergytransition.Thisrequiresustodevelopfourmutuallyreinforcingpillars:world-leadingrenewableexportindustries,sufficientdomesticrenewablebuildout,widespreadelectrification,andanEnergyTransitionAuthority.Eachpillarisnecessary,andnonecanbedevelopedindependentlyoftheothers.opportunityofthetransition,Australianeedstobuildgloballycompetitiverenewableindustries.Australiamustbuildworld-leadingrenewableexportindustriestocapturetheeconomicopportunityoftheenergytransition,whiledoingourparttohelptheworldcombatclimatechange.3.Widespreadelectrification4.EnergyTransitionAuthorityTorealiseourrenewableexportsopportunity,Australiawillneedthescaleofdomesticrenewableenergytorampupaccordingly—by2040,Australia’sNationalElectricityMarket(NEM)willneedtosupportasixfoldincreaseinelectricitygenerationtosupporttheserenewableexportindustries.Investmentsinelectrification,energyefficiency,anddecarbonisationwilldrivedemandfordomesticrenewableindustriesandenablethemtodevelopintoexport-scaleopportunities.Coordinated,long-termplanningisneededtoensureajusttransitionthatleavesnoworkerorcommunitybehind.Ourrenewableexportindustrieswillalsorequirewidespreadelectrification.Wemustrampupindustrialelectrificationtoensureourburgeoningrenewableexportindustriesarepoweredbygreenelectronsproducedbythatrenewablebuildout.Wemustalsorampupcommercialandhouseholdelectrificationtocreatedomesticdemand,toscaleupourrenewableindustriestoexportscale.Inrealisingourrenewableexportspotential,AustraliaalsoneedsanEnergyTransitionAuthoritytoensurethatwearemaximisingthebenefitsandminimisingtherisksofthetransition,whileensuringthatnoworkerorcommunityisleftbehind.Sources:AustralianEnergyMarketOperator(2022),Accentureanalysis.Australiahasstartedtolaythegroundworkforthetransition,withpositivestepsacrossallfourpillarsFigure3:ExamplesofGovernmentactionstosupportthetransitionEnergytransitionpillarGovernmentinitiativeProgressA$15billionfundwhichprovidesloans,equityinvestment,andguaranteestofinanceprojectsthataimtodevelopstrategicindustries.Amaximumof$3billionisallocatedtorenewablesandlow-emissionstechnologyprojects,withanadditional$1billionforvalue-addinginresources.World-leadingrenewableexportNationalReconstructionFundindustriesOverthepastyear,theFederalGovernmentmadesomepositivestepstowardsallfourpillarsofthetransition.Ourrenewableindustriesandexportsarepoisedforgrowth,withtheGovernmentcommittingupto$3billionfromtheNationalReconstructionFundforrenewablesandlow-emissionstechnologies,andanadditional$1billionforvalue-addinginresources.A$20billionfundforprojectswhichmoderniseandrebuildAustralia’selectricitynetwork,toenablegreaterintegrationoftechnologieslikerenewablehydrogenandbatteries.RewiringtheNationSufficientdomesticrenewablebuildoutAustraliaisnowinabetterpositiontoaccelerateitsrenewablebuildout,withsignificantinvestmentingridinfrastructurethroughRewiringtheNationandtheCapacityInvestmentScheme.WhiletherehasbeenlimitedGovernmentactiontoaccelerateelectrification,theGovernmenthasbeguntoexploreloweringcostsandemissionsonthedemand-sideofenergymarketsthroughitsconsultationstodevelopitsNationalEnergyPerformanceStrategy.CapacityInvestmentSchemeAgovernmentrevenueunderwritingmechanismthatwillunlockaround$10billioninpublicandprivatesectorinvestmentinzero-emissionsdispatchablegenerationandstoragetechnologies.NationalEnergyPerformanceStrategyTheGovernmenthas,furthermore,establishedaNetZeroEconomyTaskforcetomakerecommendationsonnationaljusttransitionpolicy,aprocessslatedtoconcludeinthefirsthalfof2023.WidespreadelectrificationTheGovernmenthascommencedconsultationstodevelopanewstrategytoimproveenergyefficiencyandaffordability.EnergyTransitionAuthorityNetZeroEconomyTaskforceTheNetZeroEconomyTaskforceaimstomakerecommendationstotheGovernmentaroundnational-leveljusttransitionpolicy.Note:FiguresareinAustraliandollars.Sources:DepartmentofIndustry,ScienceandResources(2022);PrimeMinisterofAustralia(2022);DepartmentofClimateChange,Energy,EnvironmentandWater(2022,2023a,2023b);DepartmentofPrimeMinisterandCabinet(2023).WhileAustraliahasmadeprogressagainstitsexportopportunities,moreactionisneededforAustraliatoFigure4:GovernmentpolicyprogressagainstthesixkeyexportopportunitiesPriorityareasforpolicyactionStrongprogressLimitedprogressLevelofgovtsupportneededGovtbecomealeadingexporterOpportunityGovernmentStrategies2investment3SelectedpolicyinitiativesTheFederalGovernmentisrefreshingitsCriticalMineralsStrategy$1boftheNationalReconstructionFundisallocatedtovalue-addingforresourcesFederal??CriticalmineralsStatesandterritoriesTobecomeagloballeader,moreprogressisneededacrossallopportunities.Inparticular,Australiangovernmentsshouldfocusonthelargestopportunitiesthatrequirethemostadditionalgovernmentsupport:criticalminerals,greenmetals,andbatteries.FederalGreenmetals??GreenmetalsareidentifiedasapriorityforNationalReconstructionFundinvestmentStatesandterritoriesForcriticalminerals,$1billionoftheNationalReconstructionFundhasbeenallocatedtovalue-addingforresources.However,greaterinvestmentisneededtomatchthescaleofthecriticalmineralsopportunity.FederalTheNationalBatteryStrategyandtheQueenslandBatteryIndustryStrategyarenowunderdevelopmentBatteriesStatesandterritoriesThegreenmetalssectorhasalsobeenidentifiedasapriorityforNationalReconstructionFundinvestment.Thereisnowanopportunityforgovernmentstocommitsignificantinvestmentsingreenmetals,informedbynewnationalandregional-levelindustrydevelopmentstrategies.TheFederalGovernmentandallstatesnowhavehydrogenindustrystrategies.QueenslandandWesternAustralianowhaveministriesresponsibleforhydrogenFederal??Renewablehydrogen&ammoniaStatesandterritoriesGovernmentshavealsomadesomeprogressinbatterieswiththeNationalBatteryStrategyandQueenslandBatteryIndustryStrategycurrentlyunderdevelopment,butmoreactionisnowneededforAustraliatobecomealeadingexporterinbatteries.??TheInternationalEducationStrategyFederalEducationexportsmentionstheneedtomeetAustralia’sskillsneedsinareaslikeenergy,andcoulddevelopamoretargetedgreeneducationroadmapStatesandterritoriesTheFederalGovernmenthascommittedover$100mtodevelopgreenworkforceskills,includingfundingfortherenewableEnergyCapacityStudytoidentifyskillsgapsFederalGreenprofessionalservicesStatesandterritoriesAdetailedassessmentofgovernmentpolicyprogressisintheappendix.Notes:(1):OpportunitysizeassessedbyjobsandGVApotential.(2):Strategyprogressisbasedonanassessmentofthenumberandqualityofstrategydocumentspublished.Adetailedassessmentofstrategiesisintheappendix.(3):Governmentinvestmentisbasedontheamountoffundingcommittedsince2022.Adetailedassessmentofinvestmentisintheappendix.Theglobalracetodeveloprenewableindustrieshasintensified,requiringAustraliatoaccelerateitspolicyactionacrossallopportunitiesFigure5:Globalgovernmentspendingonrenewableenergyprojects$UStrillions(2021dollars)12%pa1.2SincethefirstSunshotreportwasreleasedin2021,governmentsacrosstheworldhaveacceleratedandamplifiedtheirinvestmentsintheirlocalrenewableenergyindustries.ForAustraliatoremaincompetitive,weneedstrongerpolicyaction,faster.1%pa1.11.00.0Globally,growthingovernmentinvestmentinrenewableenergyindustrieshassoaredfrom1%p.a.in2016–2020to12%p.a.in2020–2022.Manycountrieshaveacceleratedtheirrenewablesinvestmentstoinsulatethemselvesfromenergypricevolatility.ThisisparticularlytrueinEurope,wheregaspricesincreasedtenfoldfrom2021to2022.Further,therehasbeenincreasedpublicandprivatesectorpressuretoacceleratetheenergytransition,withESGfundsgrowingfrom3%to16%ofglobalassetsundermanagementbetween2015and2021.20152016201720182019202020212022Figure6:ExamplesofdomesticrenewableindustrypoliciesEconomiesUSExamplesInflationReductionAct:$US369billion(A$550billion)ininvestmentinrenewableenergyandclimatechangeprojects,withsignificantlocalcontentrequirementsforsomesubsidies.Governmentsarealsoimplementingincreasinglyambitiouspoliciestosupporttheirdomesticrenewableindustries.Mostnotably,in2022,theUSenactedtheInflationReductionActwhichincludes$US369billionofrenewableenergysubsidiesandgrants.Morerecently,theEUrespondedwithitsproposedNet-ZeroIndustryAct,whichaimstounlockstatesubsidiestoaccelerateEuropeanrenewableindustrydevelopment.ThisworldwideshiftinpolicymeansthatAustraliamusturgentlydeliverpolicyactiontoavoidbeingleftbehindinthenewglobalraceforgreencapital.REPowerEU:AcomprehensivepolicystrategywhichaimstoimproveEUenergysecuritywhileacceleratingtheEU’stransitiontorenewableenergythroughmorethan€210billion(A$330EUbillion)ininvestmentoverthenextfiveyears.Net-ZeroIndustryAct:expediteindustrysubsidies.AproposedtemporaryrelaxationofstateaidrulestofacilitateandNewinvestmenttaxcreditsforrenewables:Canadahasannouncedplanstointroduce30%refundabletaxcreditsfortechnologieslikesolarPV,batteries,andhydrogen.CanadaIndiaProductionLinkedIncentives:US$2billion(A$3billion)ingrantstosupportplanstobuild5GWh+gigafactories.Sources:InternationalEnergyAgency(2022);BBCNews(2022);BCG(2022);PwC(2022);EqualOcean(2022);TheEconomist(2023);EuropeanCommission(2022,2023);EnergyStorageNews(2022);Accentureanalysis.Todevelopcompetitiverenewableindustries,AustraliashouldpursuethreeprioritiestoaccelerateourenergytransitionFigure7:ThreepoliciestoaccelerateAustralia’senergytransitionEnergytransitionpillarRecommendationsforthe2023-24BudgetWhythismatters1.Commit$10millioninthe2023-24BudgetfortheNetZeroEconomyTaskforcetodevelopaNationalRenewableExportsStrategy.Anationalstrategyisneededtounifytechnology-specificinitiativesacrossdifferentlevelsofgovernment,andtounlockkeytradeopportunities.World-leadingrenewableexportindustriesToacceleratetheenergytransitionandachieveourvisionforAustralia’slow-emissionsfuture,Australiashouldpursuethreeprioritiesinthe2023-24Budget.Todevelopourrenewableindustriesandexports,AustraliashouldcommittoaNationalRenewableExportsStrategyinthe2023-24Budget.ThisStrategywillunifytechnologyandjurisdiction-specificinitiativestogrowourrenewableindustriesfrominfancytoexport-scale.SufficientAplentifulandstablesupplyofrenewableenergyisneededtosupportworld-leadingrenewableindustries,andtopowertheelectrificationofhouseholds,industry,andtransport.domestic2.DevelopacoordinatedNationalRenewableInfrastructurePlantourgentlyacceleratethedevelopmentofnewrenewableenergyinAustralia.renewablebuildoutAustraliashouldalsoaccelerateitsrenewablebuildoutbyfundinganddevelopingaNationalRenewab