Manufacturing wipeout a risk without right carbon border tax: Orica

The Australian Financial Review03-11

Australia is still in the early stages of drawing up a similar system which would protect its carbon intensive steel and cement industries from imports that aren’t subject to a comparable price for ...

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CBA estimates Australia will require between $2.5 trillion and $3 trillion of investment to reach net-zero emissions by 2050.Muqsit Ashraf, Accenture’s global head of strategy, says Australia will need double or triple its current investment level to smooth its way through the energy transition.But with the right regulation and technology, the transition offers a “once in a lifetime business opportunity”, he said. “For Australia, that could equate to multiples of a hundred billion over the coming years.”Dr Schott said it was still “early days” in Australia’s quest to become a renewables superpower, but it must take advantage of its competitive advantage in wind and solar power.“Instead of just digging things out of the dirt, which we’re very good at doing, we finally have an opportunity to become an exporter of goods in addition to just simply mining,” she said.AdvertisementDr Schott and Mr Gandhi agreed that Australia trying to compete in battery manufacturing does not make sense, for the same reasons that the country no longer has a car making industry and has never been a major steel producer.“Let’s be a bit pragmatic in the sense I do not foresee Australia producing battery packs and competing with the Japanese, the Koreans and the Chinese – they are far, far ahead of us in terms of technology, but also in terms of scale,” Mr Gandhi said.“It’s a bit like wanting to take us back to the manufacturing that we had during the 1950s when there were big tariff walls around the country and everything was extraordinarily expensive and made here,” Dr Schott said. “It’s just madness.”Woodside Energy CEO Meg O’Neill pointed to heavy regulation and approvals delays that were slowing clean energy projects and making it harder for Australia to achieve the upside on offer on from the world’s transition to low-carbon energy.“We’ve got all the tools that we need to drive a tremendously vibrant economy,” Ms O’Neill said.“The thing that holds us back, in my view, is a lot of the regulatory burden that we have to go through.” AdvertisementShe pointed to a hugely lengthy process Woodside is going through to secure approvals to take solar power into one of the company’s LNG plants in Western Australia. It took more than a year to get the permit Woodside needed to do the surveys it needed to get the permit, and two years to negotiate an indigenous land use agreement.“We’ve been working on it now for approaching five years,” she said.“We have all the environmental approvals we need, but we’re still working to get the transmission there, which really will be critical path to unlocking the capability of Australia to become this renewable superpower that everybody talks about.”Mr Gandhi said there was still a major problem with customers wanting to pay up for green fuels, with costs for green ammonia, for example, still three or four times the costs of the “grey” equivalent.“There’s no customer still standing up to say we’re going to pay your premium because you’re doing the right thing,” he said.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2418336219"}