In the face of escalating environmental challenges, the urgency for decisive climate action has never been more pronounced. As Australia grapples with its climate targets, businesses across the energy and manufacturing sectors are raising their voices, emphasizing the need for a rapid transition to renewable energy. These industry leaders argue that clear, consistent policies are essential to attract the private investment necessary for a reliable, affordable, and sustainable energy future. With a growing consensus that renewables offer the most cost-effective solution, the call for swift action is resonating louder than ever.
No Time to Waste
Businesses in the energy and manufacturing sectors are not supporting the Coalition’s decision to reject Australia’s 2030 climate goals. They believe that increasing the use of renewable energy, rather than nuclear power, is the best way to transition the grid.
Call for Policy Certainty
A group of 18 organizations, including business, investment, conservation, and community groups, is calling for clear policies. They say this is necessary to attract private investment for reliable, affordable, and low-emission energy. CSIRO, Australia’s national science agency, states that renewables provide the cheapest electricity, while building a nuclear plant could cost up to $16 billion.
Opposition’s Nuclear Proposal
Opposition Leader Peter Dutton wants to drop the goal of 82% renewable energy by 2030. Instead, he suggests building seven nuclear power stations to reach net zero emissions by 2050.
However, major business groups like the Australian Industry Group, the Australian Steel Institute, the Australian Energy Council, and the National Farmers Federation support the 2030 climate targets as essential for investment.
Support for Renewable Transition Plan
These groups also back a 25-year plan from energy market operators that recommends a grid mainly powered by renewables, with battery and hydroelectric storage, supported by gas. The plan does not include nuclear energy, which remains costly and is banned under federal law.
Urgency of Renewable Energy Development
With many coal-fired power stations set to close soon, the joint statement emphasizes the need to quickly build new renewable energy transmission and storage. “Time is short before aging generators retire,” it says.
Industry Voices
Woodside Energy, Australia’s largest oil and gas company, agrees with the statement, calling for a stable and consistent policy framework. Rio Tinto, a major energy user, also stresses the need for policy certainty to drive investment in renewable energy this decade.
“Reliable and low-cost firmed renewables are crucial for reducing our emissions and ensuring the long-term future of our operations,” said a Rio Tinto spokesperson.
Balanced Energy Mix
While the Coalition recognizes the role of wind and solar power along with nuclear, it hasn’t detailed its policy plans yet. It warns against relying too much on renewables, even though wind, solar, and hydroelectricity already supply 40% of Australia’s power and are growing. “We need a balanced energy mix,” said opposition energy spokesman Ted O’Brien.
