The Treasurer says how Australia handles the global energy transition in the coming decade will determine the success or failure of the economy.
, and was the dominant factor in driving real wages, but growth has slowed over the past couple of decades.
“Better productivity comes without the losses and the limitations. That’s why, over time, it explains the vast bulk of changes in living standards.” But while there are risks, the Albanese government is taking an optimistic view of the challenge ahead, and Chalmers indicated he was focused on maximising the benefits of net-zero – not just minimising costs.
“With a global race for clean energy capital, we need to invest in our comparative advantages and remain a reliable global partner open to trade and investment.”Illustrating the global opportunity, India needs to build 500 gigawatts worth of renewable energy capacity by 2030 to meet its targets. By comparison, the east coast electricity production capacity under Australia’s National Energy Market is about 65 gigawatts.
Australia produces almost half of the world’s lithium, is the second-largest producer of cobalt and the fourth-largest producer of rare earths.
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