Supporting jobs is critical to help economies rebuild post COVID-19. This new report in by WWF Australia and EY, supported by HSBC finds that a AUD2 billion (USD1.4 billion) renewable stimulus package would unlock over 100,000 jobs, generating nearly three times as many jobs than investment in fossil fuel projects, and unlocking AUD9.3 billion (USD6.5 billion) in investments.
The report makes the case for policy makers and businesses to provide stimulus for the country’s minerals and industrial capabilities to pivot towards renewables, green hydrogen, batteries and low carbon trade opportunities.
Over the longer term, these targeted stimulus measures would position Australia to emerge as a renewable export superpower, by achieving 700 per cent renewables capacity, capture about 6.5 per cent of the global steel market through the manufacture of green steel, and position itself as a leading global manufacturer of battery and renewable hydrogen. The rollout of fast-track deployment of electric buses and local solar would also build a national manufacturing sector and cut the cost of energy for thousands of community organisations.
The proposed package would not only play a fundamental role in Australia’s recovery, it would also position it for global leadership on climate change. As the Energy Transition Commission pointed out in 7 Priorities to Help the Global Economy Recover, the global economy must learn from the COVID-19 crisis, and rebuild a resilient job market and industry in a way that is better prepared to meet the impacts of climate change.