Today's Energy and Climate Change Ministerial Council (ECMC) meeting lays the first foundations for responding to the US Inflation Reduction Act to ensure Australia remains globally competitive and for accelerating the clean energy transition. However, much work remains to be done.
The Clean Energy Council and our members have called for a proportionate response to the US Inflation Reduction Act. We're pleased today that the Energy Ministers have demonstrated they are listening. Governments worldwide, including the European Union and Japan, have already announced increased funding for renewable energy initiatives. Without decisive government action, Australia risks losing the race to build, and benefit from a decarbonised economy.
Progress on transmission access reform is also a positive step with today's announcement of the Energy Council's intentions. The development of a Congestion Relief Market (CRM) is chief among the ECMC's agreements, as well as the implementation of 'enhanced information' reforms, which the Clean Energy Council has long recommended, and which the Energy Security Board (ESB) has further developed. The information model is a common-sense reform that will drive real benefit to industry and consumers.
The Clean Energy Council will continue to work closely with the Energy Security Board and senior officials to develop the next stages of the CRM. Still, today's announcement is a significant step forward for access reform.
The Clean Energy Council is also pleased to see the Ministerial Council outline five strategic priorities for the next 12 months, including engaging with regional communities, including First Nations, on the pathway to Australia becoming a renewable energy superpower. For investment certainty and to realise the full economic potential of the global transformation to clean energy, Australia needs a long-term Renewable Energy Superpower Masterplan, which clearly articulates Australia's vision and establishes a holistic strategy for achieving it.
Taken collectively, today’s announcements show that the Energy Ministers are moving in the right direction: to remove the roadblocks preventing the clean energy transition and holding Australia back in the global race to be a clean energy superpower.
For more information or to arrange an interview, contact:
Clean Energy Council Public Affairs Manager
+61 409 470 683