The Hon Chris Bowen MP addressed Australian Business Economists on the topic of climate change, emphasising Australia’s potential as a renewable energy superpower.

Minister Bowen highlighted the importance of government policy in driving decarbonisation investment and acknowledged the private sector’s leading role in decarbonisation efforts over the past decade.

He discussed the significance of legislating emission reduction targets and implementing the Safeguard Mechanism reforms to provide a stable policy environment for industrial decarbonisation.

Minister Bowen expressed confidence in achieving the government’s target of 82% renewables by 2030, citing the progress made on the Renewable Energy Target and the significant investments in Rewiring the Nation and the Capacity Investment Mechanism.

He also addressed the potential of offshore wind as an important component of Australia’s renewable energy mix and the need to compete with global developments and initiatives like the US Inflation Reduction Act.

Minister Bowen discussed the importance of addressing carbon leakage and announced a review of carbon border adjustment mechanisms and other policy options to support industrial decarbonisation and protect Australia’s trading relationships.

He briefly addressed the topic of nuclear power, stating that it doesn’t stack up for Australia due to its high cost and the availability of cheaper renewable energy sources.

Minister Bowen concluded by emphasising the importance of collaboration between government, industry, and the broader community in achieving a successful economic transformation in response to climate change.