Maintain Australia's energy export superpower status

Australia is the world's third-largest fossil fuel exporter,62 exporting more than two-thirds of its energy production.63 In 2018-2019, 88% of Australian black coal production and 74% of natural gas production was sent overseas.64 These resources and industries have helped make Australia prosperous.

The global transition to low-emission energy sources is an opportunity to redefine Australia's export industries and secure this country's future.

Transforming to a low-emission energy superpower will enhance Australia's economic sustainability and support global resilience.

Some work is underway. Germany and Australia are completing a renewable hydrogen supply chain study to identify how Australia can support Germany in decarbonising its heavy industry.65 The International Energy Agency found that, by as soon as 2030, importing Australian hydrogen could be cheaper for Japan than domestic production.66 The Australian Government has already committed $565.8 million to back low-emission international partnerships.67

However, the scale and pace of this energy transformation is too important to leave to chance. We need intentional, coordinated planning at all levels of government to harness the opportunities of this energy transformation. Given that lead times can be long and the low-emission energy transition is already rapidly underway around the world, planning must start now.