Australia's next Cop president, Chris Bowen, stated the country can transition from exporting fossil fuels to clean energy products. He argued that while fossil fuel markets will shrink due to global net-zero commitments, Australia's renewable energy potential can help decarbonize other nations.
This statement signals a potential strategic shift for Australia's economy, aiming to leverage its renewable energy potential to offset declining demand for fossil fuel exports and contribute to global decarbonization efforts.
Australia has the potential to shift its export economy from fossil fuels to renewable energy products, according to Chris Bowen, Australia's minister for climate change and energy and the incoming president of the next UN climate negotiations (Cop31).
Speaking at a climate conference in Bonn, Germany, Bowen argued that the global commitment to net zero emissions, embraced by over 80% of Australia's trading partners, will inevitably shrink the market for fossil fuels. He stated that Australia, despite being a major exporter of coal and gas, must prepare for this transition.
Bowen highlighted Australia's strong track record in developing renewable energy and battery storage domestically, suggesting the country could become a 'renewable energy superpower.' He outlined potential exports including green hydrogen, electricity transmitted via cables, and goods manufactured using clean energy, such as green artificial intelligence and data center services.
The minister acknowledged that while Australia continues to supply traditional energy sources, the focus is shifting towards developing new energy sectors. He noted that over 30 fossil fuel developments have been approved since the Labor government was elected in 2022, but emphasized the need to adapt to a changing global market.
The discussions in Bonn are preparatory talks for Cop31, where electrification is a key focus for reducing greenhouse gas emissions across various sectors. Murat Kurum, Turkey's environment minister and co-host of Cop31, stressed the importance of electrification in achieving the goal of limiting global heating to 1.5C.