There is an unprecedented opportunity for Queensland to set up its workforce to take advantage of the global shift to a low-emissions future – the state economy could be 7% larger and create new jobs.
This report outlines what the future of work for Queenslanders will be like in a decarbonising world.
Often, governments, business and pundits assess the impact of climate policies assuming that the existing economy will continue to grow at trend, unaffected by the consequences of unchecked climate change. Against this outlook, the economic impacts of policy options such as net zero emissions may appear to cost jobs and growth. In reality, Queensland's economic prosperity will be dependent on climate action and the transformation of the workforce and industries as the world responds to climate change.
If Queensland keeps up with the rest of the world as it decarbonises and meets its current commitment of net zero emissions by 2050, the Queensland economy can experience 2.5% annual growth and have a workforce of over 3.6 million workers.
In the transformation to net zero, getting the skills mix right within Queensland’s workforce is critical. For workers who are directly impacted by the change, there are pathways to match their skills to new jobs as the economy decarbonises. Skill pathway mapping shows that over 80% of tasks required in clean economy jobs are already being performed in the current world of work in Queensland. This means that some workers may only require upskilling (i.e. on-the- job training or short course) rather than retraining (i.e. obtain a new qualification) to remain in their current role as the economy changes.
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The reality of climate change and the decarbonisation imperative create both physical and transition risks for businesses – as well as a wealth of opportunity, to those who can see and seize it.
Globally, climate change and energy transition are influencing businesses and shifting the actions of buyers, consumers and employees. Corporates, infrastructure authorities, councils and universities are committing to net zero emissions to support these science-based climate targets.
Deloitte provides professional services to renewable power companies worldwide and our professionals have deep experience assisting clients across the wide spectrum of renewable technologies of solar, wind, hydroelectricity, biofuels, and tidal, among others.