Australia could unlock around €181bn in investment through a pipeline of clean industrial projects if action is taken to stimulate demand, according to a briefing by Mission Possible Partnership and the Industrial Transition Accelerator.
The report identifies 70 clean industrial projects under development in the country, including 15 to 20 in advanced stages, the organisations said.
They added that measures such as mandates, public procurement and revenue certainty mechanisms could help unlock more than €175bn in investment.
The briefing said Australia’s export economy could expand beyond iron ore, coal and gas into sectors including clean iron, green ammonia and sustainable fuels.
Australia currently hosts one of the world’s largest pipelines of clean industrial projects, behind only China and the United States.
“If we act now to kick-start the clean industrial revolution in Australia, we can realise an immense economic opportunity valued at more than a quarter of a trillion dollars,” said Michael Bartlett, acting branch head at Australia’s Department of Climate Change, Energy, the Environment and Water.
“Australia has strong advantages, with world-class mineral deposits, renewable potential and a strong reputation as a trusted trading partner.”
The report said the global pipeline of clean industrial projects represents an investment opportunity of €1.57 trillion.
“Australia is home to one of the largest clean industrial pipelines in the world,” said Rachel Howard, director of APAC at Mission Possible Partnership.