Westpac and Clean Energy Finance Corporation (CEFC) have joined AustralianSuper, Cbus, HSBC Australia and National Australia Bank as partners to the Australian Industry Energy Transitions Initiative (ETI) to achieve net zero emissions in industrial supply chains by 2050.
The program focuses on critical “hard-to-abate” sectors with high emissions, relatively higher abatement costs, and complex supply chains. These sectors, including iron and steel, aluminium, LNG, other metals such as copper, nickel, lithium and chemicals, such as fertilisers and explosives, need a multi-faceted approach by multiple players.
According to ClimateWorks Australia addressing emissions from these sectors pose more technological and commercial challenges than in other sectors of the economy.”
Partner organisations now represent 21 per cent of Australia’s industrial emissions and about 27 per cent of ASX100 market value.
They include Australia Gas Infrastructure Group, APA Group, BHP, BlueScope Steel, BP Australia, Fortescue Metals Group, Orica, Rio Tinto, Wesfarmers Chemicals, Energy & Fertilisers, Woodside, Aurecon, and Schneider Electric.
“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”, chief executive officer of Climate-KIC Australia Chris Lee said.
“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.”
Australian Industry ETI is working with independent, not-for-profit bodies ClimateWorks Australia and Climate-KIC Australia, in collaboration with the Energy Transitions Commission. The project received funding from ARENA as part of ARENA’s Advancing Renewables Program.
The Australian Industry ETI will soon reveal decarbonisation opportunities in industry through case studies looking at actions to achieve the required scale of transformation.
Later in 2022, the Australian Industry ETI will publish industry decarbonisation pathways for the five “hard-to-abate” supply chains.