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Australia's huge green growth potential

Date
09 August 2011
Australia's huge green growth potential
MELBOURNE: Federal Treasurer and Deputy Prime Minister Wayne Swan has underlined the economic opportunities that will open up for Australia as part of the transition to a low carbon economy
In a keynote address at a recently held Green Capital business event, which was chaired by the Australia Director of The Climate Group, Caroline Bayliss, the Treasurer emphasized Australia’s substantial low carbon growth potential. 
He noted that the already substantial global low carbon goods and services sector was growing at 4% a year - faster than the world GDP. Mr. Swan said he expected this growth rate to start accelerating in the future.
Caroline Bayliss, Australia Director of The Climate Group said: “The Treasurer rightly highlighted the huge economic benefits that a Clean Revolution will bring Australia.  HSBC estimates that by 2020, the global market for low carbon good and services will be worth US$2.7 billion. In an increasingly carbon constrained world, those countries that master low carbon technology and systems will be hugely competitive globally. A price on carbon is a fundamental step to ensuring that Australia is one of those economies.”
The Treasurer underlined that the Government’s Clean Energy Future package, would give much-needed impetus to the development of a high technology, high growth, low carbon economy in Australia. He stated that: “The transition into a cleaner economy will see $100 billion dollars being invested in clean energy over coming decades (in Australia). Innovation and investment will drive new economic opportunity and new jobs, particularly in regional Australia.”
Mr Swan also outlined the need for complementary measures alongside a carbon price as new technologies with huge potential are kick started, commercialized and reach critical mass. 
The Government’s Clean Energy Future Package includes new investment of  AU$10 billion dollars in clean energy, to be managed by the newly created Clean Energy Finance Corporation.
Mr. Swan said that in an ideal world, a carbon price would be sufficient. But, in the real world, government support for emerging technologies is pragmatic and has been proved to be effective many times.
During his speech and the following Q & A, the Treasurer underlined the contribution that businesses themselves had had made to the design of the Clean Energy Package. The focus now would be to work with businesses to deliver lower corporate taxes, support business in the transition to a Clean Energy Future and to ensure investment in critical infrastructure that will drive the low carbon economy in the 21st century.
Read a transcript of the Treasurer’s speech

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