Melbourne, 21 February 2022 – Australia’s first bank and oldest company, Westpac, and Australia’s ‘green bank’ – the governmentowned Clean Energy Finance Corporation (CEFC) – are the latest to sign on as partners to the Australian Industry Energy Transitions Initiative (Australian Industry ETI).
The Australian Industry ETI brings together key industry and finance organisations to accelerate action towards achieving net zero emissions in industrial supply chains by 2050. The initiative’s focus is on critical sectors known as ‘hard-to-abate’, given their high emissions and relatively higher abatement costs.
As the world shifts to an ambition to limit warming to 1.5 degrees below pre-industrial levels, Australian Industry ETI partners are asking what that could look like for major industrial supply chains.
Investment is a key enabler for decarbonisation, and diverse participation is a fundamental strength of the initiative. Westpac and the CEFC add further value to an already significant line up – partner organisations now represent 21 per cent of Australia’s industrial emissions and approximately 27 per cent of ASX100 market value. Critically, both new partners bring their own unique experience in financing projects at the scale required to ensure Australian industry maximises all opportunities within a decarbonised future.
Westpac and the CEFC join financial heavyweights including Australia’s largest superannuation fund, AustralianSuper; the largest super fund for the building, construction and allied industries, Cbus; HSBC Australia and National Australia Bank.
Partners from industry include Australia Gas Infrastructure Group, APA Group, BHP, BlueScope Steel, BP Australia, Fortescue Metals Group, Orica, Rio Tinto, Wesfarmers Chemicals, Energy & Fertilisers and Woodside; with Aurecon and Schneider Electric representing a broad system of services, products and knowledge.
Getting to net zero within these hard-to-abate sectors and across complex supply chains calls for a multi-faceted approach by multiple players, covering finance, investment and service providers. The depth and breadth of Australia Industry ETI partner group involvement in industry supply chains will be essential for transformation at scale.
Last year, the Australian Industry ETI found that existing and emerging technology solutions can address almost all emissions in five industry supply chains, and that the transition will require significant investment, coordination and leadership.
The Australian Industry ETI will soon release its work uncovering decarbonisation opportunities in important industrial regions through case studies looking at actions to achieve the scale of transformation required.
Later in 2022, the Australian Industry ETI will make available a full suite of industry decarbonisation pathways for five supply chains, including iron and steel; aluminium; LNG; other metals (copper, nickel, lithium); and chemicals, such as fertilisers and explosives.
Convened by ClimateWorks Australia and Climate-KIC Australia with support from the Energy Transitions Commission, the Australian Industry ETI’s knowledge partners include Bloomberg NEF, Rocky Mountain Institute and CSIRO. The initiative is funded by philanthropy, company contributions and the Australian Government through the Australian Renewable Energy Agency’s (ARENA) Advancing Renewables Program.
For more information about the project contact ClimateWorks Australia or Climate-KIC Australia. Updates will be available online at https://energytransitionsinitiative.org/
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Anthony Miller, Chief Executive of Westpac Institutional Bank: ‘Westpac takes its role in facilitating the transition to a low carbon economy very seriously. We are committed not only to working closely to support our own customers, but also to collaborating with partners such as the Australian Industry ETI and its members to develop a coordinated, consistent approach to reducing emissions across the Australian economy.’
Ian Learmonth, CEO of the CEFC: ‘We’re proud to be a part of this innovative initiative helping Australia accelerate its transition to a decarbonised economy. In bringing together the expertise, skills and knowledge of industry to develop pathways and actions to achieve net zero emissions across supply chains, the Australian Industry ETI demonstrates important leadership in the energy transition and the decarbonisation of industry. Working together to tackle Australia’s emissions challenges is another exciting step closer towards realising a stronger, low emissions future.’
Anna Skarbek, CEO of ClimateWorks: ‘The Australian Industry ETI is providing a collaborative and evidence-based way for major Australian companies to understand net zero pathways in heavy industry and identify how to achieve them. As the world rapidly shifts focus to a 1.5-degree trajectory, we welcome both Westpac and the CEFC to the Australian Industry ETI, so we can work out how to get there, faster, together.’
Chris Lee, CEO of Climate-KIC Australia: ‘For Australian heavy industry to fulfil their public commitments on net zero by 2050, they will need to quickly move to tangible action, making major investments in new solutions. We are very excited to have Westpac and the CEFC join the ETI, adding even more experience and know-how on investment and finance for the transition, a critically important enabler of change for the transition.’