Australia’s economy stands to be $435 billion better off by capitalising on the global race to achieve net zero emissions, a new report commissioned by NAB from Deloitte Access Economics has found.
The All Systems Go: Powering Ahead report builds on the All Systems Go report released in mid-2022 and further emphasises the need for Australia be structurally different and to significantly reallocate capital investment to transition to net zero in sectors such as green hydrogen, renewable energy, and essential minerals like lithium.
The report builds on last year’s analysis that highlighted the significant economic opportunity for Australia in the race to net zero. Our analysis shows setting interim and net zero targets, and meeting them, is a necessary but not sufficient condition for economic growth. How Australia meets these targets matters. Australia must lower its transition cost at home if we are to compete globally in a decarbonised world. This means low-emission industries that can replace high-emissions activity need rapid scaling for export.
New decarbonisation exports help Australia fully realise the economic opportunity in front of us. This is about ensuring that we transform our industrial base and establish a clean energy platform to drive export growth in a rapidly decarbonising world.