Aim high and reap the rewards

Yes. There have already been 32,180 jobs created in Australia from the renewables rollout, 115,100 in our critical minerals industry, and the opportunities are growing.

To unlock the full potential of clean energy jobs, we need the government to set a strong climate target which sets out what Australia wants to achieve by 2035.
Investment in clean energy is ready to increase 300% by 2030. With a strong plan, Australia can seize this opportunity to grow its local clean energy industries, delivering thousands more jobs.

Home-grown Australian businesses have already proven their smarts and capabilities as clean energy innovators. From inventing the solar panel, to developing recyclable batteries and sustainable building materials made of carbon dioxide, there are numerous Australians who are building great businesses focused on addressing the climate challenge.

To continue growing and reach their full potential, they will need stable and clear government policies which back Australian jobs, innovation and manufacturing. This will pave their path to secure the investment they need to scale up their operations.

For Australia, the right solution is renewables like solar and wind, backed by batteries, hydro and a small amount of gas.

Renewables are proven as the cheapest energy sources, especially in Australia where we have abundant sunshine and wind. They will keep our energy system reliable, keep the lights on, and keep power bills and pollution low.

In contrast, nuclear is double the cost of renewables, can’t be built in time to replace the coal plants that will shut down, and its feasibility in Australia is uncertain. Every comparable project overseas has gone way over budget and taken much longer than expected – and those countries already had nuclear industries.

Compared with other countries, Australia has an abundance of solar, wind and critical minerals which we can harness into cheap, reliable, locally made clean energy.

Fossil fuels like coal and gas have been driving up power prices, while renewables have been keeping energy costs lower than they would have been otherwise.

Australia’s old coal plants are shutting down and gas is expensive, which puts more upward pressure on power prices.

Renewable energy generated from solar and wind is now the cheapest form of power, and continued investment in growing our renewable energy generation and storage will mean cheaper power bills.

The Paris Agreement is the way that almost all the world’s countries, including Australia, are working together to prevent the worst impacts of climate change.

Net Zero by 2050 is the goal: by getting greenhouse gas emissions as close to zero as possible, and removing any remaining emissions from the atmosphere, we can limit the damage and disruption of climate change.

As part of the Paris Agreement 195 countries across the world, including Australia, have pledged to achieve Net Zero by 2050 (all the countries in the world except 3).
The Paris Agreement works on a five-year cycle of increasingly ambitious climate action.

Every five years, each pledged country submits an updated national climate target and action plan for how they are reducing greenhouse gas emissions and building resilience to rising global temperatures.

Climate targets help with cost of living pressures, because they help give businesses and investors the confidence to supply cheaper energy:

Renewable energy, like solar and wind backed up by batteries and pumped hydro, is now the cheapest and cleanest form of energy.

As aging coal power stations reach retirement and exit the system over the next decade, we need to invest in the cheapest and cleanest alternatives to secure cheaper power bills and reduce cost-of-living.

By investing in renewable energy we are also reducing the chance of costly and damaging extreme weather events by helping limit the effects of climate change.

The most recent projections show Australia is within close distance of its current climate target for 2030 (43%), by one percentage point (42%).

Every target is critical to investment and growth; targets provide the policy certainty and direction investors and local businesses need to fund and grow clean energy industries and local jobs.

Without strong targets and a smart plan for the renewables rollout in Australia, investors will be forced to consider more certain investment opportunities overseas.

Without increased investment, our targets will be harder to reach, and local businesses are more likely to miss out on critical funding they need to scale their operations and create more jobs.

The Australian Energy Market Operator (AEMO) has confirmed it will take $122 billion over the next two decades to reach net zero. By comparison the Australian superannuation system currently manages $3.9 trillion, and $133 billion came into the system in the last twelve months. So that level of investment is achievable.

Continuing to roll out renewables is the cheapest option available to Australia in terms of the investment needed to power our energy systems into the future. It will deliver cheaper power bills for families and businesses.

With the right policy settings, our economy stands to gain more than $300 billion by capitalising on our superior resources in solar, wind and mining to grow our clean energy workforce.

We are the Investor Group on Climate Change (IGCC), an industry group created by Australia’s top superfunds and investors who take care of the retirement savings of 14.8 million Australian workers.

Our goal is to protect Australia’s super and investments from the damaging costs of climate change and to make sure Australians financially benefit from the transition to a clean economy.

Find out more.