Climate change is the biggest economic and environmental challenge facing the world. In the wake of COVID-19, as economies are rebuilt, there is an opportunity for public and private investment in more sustainable practices.
Today, the Prime Minister, Scott Morrison outlined his agenda for the year at the 2021 Opening Address to the National Press Club and emphasised that technology, not taxes, will underpin Net Zero 2050 efforts.
"Our goal is to reach net zero emissions as soon as possible, and preferably by 2050, but when we get there, whether in Australia or anywhere else, that will depend on the advances made in science and technology needed to commercially transform not just advanced economies, but the developing world as well," he said.
Government policy supporting science and technology, along with the Modern Manufacturing Strategy, is exciting for our industry as we innovate and look to commercialising technilogical breakthroughs that will contribute to COVID-19 recovery and emissions targets.
With the electricity market contributing about a third of the country's greenhouse gas emissions, transformation of energy generation and delivery is key. If we increase the quantity of renewables in the grid, creating an excess of energy, Australia could become a renewable energy exporter to South East Asian countries.
A focus that's got us thinking is the production of green steel and hydrogen using exess renewable capacity. Former Chief Scientist, Dr Alan Finkel's review found producing hydrogen using renewables, and exporting, it has the potential for huge returns on investment. The economic tipping point for green hydrogen could be in as little as two years with Australia's hydrogen economy fully open for business by 2025.
Today, the PM's addresss was cause for great optimism for our business and the future, and fuelled our desire to help play our part in the delivery of those technology advances that will create value for our stakeholders and ultimately help us get to Net Zero 2050.