Big firms behind Australia’s heavy industry supply chains say it could transition to net zero emissions. 

The pathway to net zero emissions will be complex and challenging, but a collective statement from the heavy industry supply chain says companies are ready to work together and position Australia to prosper in a decarbonising global economy. 

“Three years of extensive research and analysis on behalf of the Australian Industry Energy Transitions Initiative, alongside robust debate and consultation with its partners, shows significant decarbonisation of Australian heavy industry is possible and outlines pathways for how it could be done,” the statement reads. 

“It will require a significant stretch in ambition, and coordinated action across businesses, investors and government, while being inclusive of our communities, workers and Traditional Owners and Elders on whose lands we operate.”

The companies come from diverse sectors but says that they share a common vision of Australia as a globally competitive, equitable, net zero emissions industrial economy with the potential to also become a net zero emissions energy and commodity export powerhouse. They plan to leverage abundant renewable energy and mineral resources, home-grown intellectual property, and experience to drive a competitive advantage.

Together, the Australian Industry Energy Transitions Initiative has identified five objectives to enable heavy industry to transition to net zero emissions consistent with global efforts to limit warming to 1.5°C.  

  1. Set a strong, clear, enduring framework with a net zero emissions goal to align industry, finance and government 

  2. Transition to the large-scale, cost-competitive, renewable energy system of the future 

  3. Accelerate development and demonstration of the emerging technologies needed  

  4. Drive deployment of low-carbon solutions, reduce barriers and support investment towards the transition  

  5. Develop integrated net zero emissions industrial regions, supply chains and energy network solutions

The Clean Energy Finance Corporation (CEFC) says the collective statement, signed by participants of the initiative, demonstrates a commitment to act towards achieving the outcomes described in its ‘Pathways to industrial decarbonisation’ report, and highlights the urgent action required to work towards reducing greenhouse gas emissions.