Australia must seize “once in a generation” opportunity on renewables, says Albanese

Australia has the opportunity to seize a “once in a generation” opportunity to become a global renewable superpower, after years of stalling by the Coalition government that had worsened the current energy market crisis, prime minister Anthony Albanese has told a major energy forum in Sydney.

Albanese opened the inaugural Sydney Energy Forum on Tuesday, addressing key energy business groups, policymakers and investors from the Asia-Pacific Region.

“The challenge of climate change is also an opportunity going forward that we must seize to become a renewable energy superpower and to support the region’s move to a clean-energy future with secure, reliable and resilient supply chains,” Albanese told the forum.

“This is a once-in-a-generation opportunity, and our government’s policies are designed to seize that opportunity with the determination and resolve that it demands.”

Albanese said investment in new clean energy projects in Australia had ‘stalled’ under the Coalition, and this had contributed to the electricity market crisis that has seen consumers slugged with surging energy costs.

“Our government has also inherited a challenging set of circumstances when it comes to climate and energy policy. An electricity network designed for a different century,” Albanese said.

“New investment in clean energy had stalled. A lack of investment in storage or transmission. As a result, everyday Australians don’t just pay for their power, but for the cost of building and operating an outdated grid.”

Albanese blamed the former Coalition government for the dramatic fall in new project investments, which had left Australia struggling to transform its energy system and had led to Australian businesses missing out on potential opportunities created in the transition to greener energy sources.

“We have had no coherent energy policy for a decade, and it has left us missing out on the jobs, growth and opportunities that our abundant renewable resources could deliver,” Albanese said.

“And has left businesses and investors without the clarity and certainty they need. But, as this Forum highlights, this is a new day. It is a new era.”

“It is essential that the unprecedented levels of investment in clean energy technologies required over the coming decades unlocks more diverse and secure supply chains than we have today.”

The original concept for the Sydney Energy Forum was conceived by the former Morrison government, which aimed to promote production and exports of the materials and resources needed for clean energy technologies like batteries and electric vehicles.

But the new Labor government is focusing on the clean energy technologies themselves – rather than the region’s resources industries – and will use the forum to promote the new government’s more ambitious stance towards climate action and clean energy investment.

The two-day forum will feature ministerial representatives from the United States, Japan, India, Indonesia, and Samoa, as well as the heads of major local and international business groups.

Federal climate change and energy minister Chris Bowen said the forum could see Australia begin to take the first steps towards becoming a ‘renewable energy superpower’.

“The Sydney Energy Forum will bring together government ministers, business leaders and investors to point the way forward on the transition to prosperous net zero economies,” Bowen said.

“The world’s climate emergency is Australia’s jobs opportunity, and I want to ensure we seize this with both hands.”

“Australia has an opportunity to be a renewable energy superpower by tapping into our solar, wind and skilled energy workforces to drive clean manufacturing and energy exports in the region.”