A new policy brief from the Griffith Asia Institute evaluates Australia’s 2024 green energy-related policies and examines their potential impact on Asia. Titled “Future Made in Australia: Evaluating Australia’s 2024 Green Energy-Related Policies and Their Potential Impact on Asia,” the report delves into the implications of Australia’s ambitious green energy initiatives for the Asia-Pacific region. Specifically, it analyses the Australian Government’s recently announced “Future Made in Australia agenda” and other legislative acts.
Authored by Professor Christoph Nedopil Wang and Dr Jing Zhang, the report highlights Australia’s comprehensive strategy to transition to a green economy by 2030. The focus areas include renewable energy, carbon neutrality, and sustainable development, with an emphasis on wind, solar, and hydrogen energy and post the questions: Do the announcements (and an allocation in the federal budget) set up Australia and Queensland to be a credible host of COP31? How do these developments impact Australia’s cooperation with Asia and the Pacific?.
Key findings
- Renewable Energy Expansion: Australia’s commitment to expanding its renewable energy capacity is set to increase investment opportunities in wind and solar power projects. The report anticipates that this will lead to a surge in renewable energy exports to Asia, fostering stronger economic ties between Australia and its Asian neighbours.
- Hydrogen Energy Leadership: Australia’s hydrogen energy initiatives are poised to position the country as a global leader in hydrogen production. The report projects that Australia’s advancements in hydrogen technology will significantly benefit Asian countries looking to diversify their energy sources and reduce carbon emissions.
- Carbon Neutrality Goals: The policies aim to achieve carbon neutrality by 2050, setting a precedent for other nations in the region. Australia’s proactive approach to reducing carbon footprints is expected to encourage Asian countries to adopt similar measures, promoting regional cooperation in tackling climate change.
- Sustainable Development: The report underscores the importance of sustainable development practices embedded in Australia’s green energy policies. By prioritising environmental preservation and sustainable resource management, Australia sets a model for Asia to follow in balancing economic growth with ecological responsibility.
Professor Nedopil Wang emphasised the transformative potential of Australia’s green energy policies.
“Australia’s commitment to a green future not only strengthens its own economy but also presents immense opportunities for the Asia-Pacific region. These policies serve as a catalyst for regional collaboration in achieving sustainable energy goals.”
The report predicts that Australia’s green energy initiatives will have a ripple effect across Asia, promoting the adoption of clean energy technologies and practices. Countries such as Japan, South Korea, and India are expected to benefit from technological transfers and increased access to renewable energy resources.
Recommendations for policymakers
The report offers several recommendations for policymakers in both Australia and Asia to maximise the benefits of green energy collaboration such as:
- Develop framework for a just transition away from fossil fuels domestically
- Establish framework to incentivise energy efficiency gains
- Develop policy framework for accelerated reduction of fossil fuel exports
- Establish high-level bilateral dialogues for accelerated reduction of fossil fuel trade, for example Australia-China climate policy dialogue
- Improve domestic industrial competitiveness through better industry collaboration
- Position Australia as a leading regional knowledge partner in green energy transition
The “Future made in Australia? Evaluating Australia’s 2024 green energy related policies and its potential impact on Asia” is published at the Griffith Asia Institute.
