The Australian Industry Group (Ai Group), as part of the Australian Industry Energy Transitions Initiative, has identified five objectives in a collective statement to enable the heavy industry to transition to net zero emissions in line with global efforts to limit warming to 1.5 degrees Celsius.
Outlined in the report titled, “Pathways to industrial decarbonisation: Positioning Australian industry to prosper in a net zero global economy,” the goals include setting a strong, clear, enduring framework with a net zero emissions goal to align industry, finance, and government.
Accelerating the development and demonstration of the necessary emerging technologies is one of the target objectives, as is the transition to the future’s large-scale, affordable, renewable energy system.
Moreover, the Ai Group said the government should encourage the use of low-carbon solutions, reduce barriers, and encourage financial support for the transition.
Creating integrated supply chains, energy network solutions, and industrial zones with net zero emissions are also part of the objectives.
“Government, industry and investors need to work together on these objectives, continue to lift ambition, and align on a common goal,” the group noted.
The Ai Group pointed out that mutual trust and dedication will be essential in instilling the confidence required to spend the significant capital required to complete this shift.
“We will encourage and support federal and state governments as they develop an economy-wide suite of policies to support the above objectives, including measures to drive down emissions, reduce barriers and support investment towards the transition,” the group stated.
Australia’s industrial organisations will encourage investment in the development, deployment, and integration of low-carbon solutions required for effective decarbonisation.
The financial sector organisations will be active capital stewards to assist a net zero emissions transformation, it added.
“The pathway to net zero emissions will be complex and challenging, but if we succeed, it presents the opportunity to ensure Australia, its industries, its regions and its communities are positioned to prosper in a decarbonising global economy,” the Ai Group remarked.
