I want to thank each and every one of you for giving us the honour of participating in today’s roundtable.
But perhaps even more importantly, thank all of you for the investments that you have made in Australia and secondly, and even more importantly than the most important thing, so overtaking that is future investment as well.
And in the informal engagement that I had outside there, certainly that was something that so many of you spoke about in the brief introductions that we had.
This is what we’re doing, and this is what we’re doing next, and that is what we want to see.
Without question, the Paris Agreement has galvanised global efforts, changing what energy we use and, importantly, how we use it.
It’s mobilised the biggest economic transformation since the Industrial Revolution, and in doing so, it’s unlocking global opportunities.
We know that a lot of the focus of the COP is always, as it should be, of course, on the impact of climate change and the challenge that it represents to limit and restrict global warming.
But it’s also an incredible opportunity.
An opportunity for investment, an opportunity for growth, an opportunity for jobs creation as well.
Trade and investment components of these annual climate meetings are absolutely critical.
It’s how we turn the commitments that we want to make into actions and outcomes, and capitalise on the opportunity which is before us.
Global clean energy investment is expected to reach $2.2 trillion US this year, nearly double the amount that will be invested in fossil fuels.
It is a global transition that is gaining momentum because the markets are speaking.
Clean energy, we know, is the cheapest form of new energy in Australia, and that’s why clean energy, powered by renewables, improves energy security and economic resilience to global energy market shocks.
And I think the conflict in the Middle East has given the whole world a reminder of the need to have resilience in our economic structures.
Because the closure of the Strait of Hormuz presented real challenges for basic supply in Australia and throughout our region as well.
So, building resilient energy systems powered by a diverse range of energy sources.
And if you’re an investor, there’s nowhere you’d rather be than in Australia.
Australia has what the world needs.
We have world-leading universities and researchers. We have a skilled and innovative workforce. We have rare earths and critical minerals. Everything on the periodic table just about is under the ground.
And of course, we have the best solar resources of any continent above in the sky. So, space to build as well, and abundant sunlight and wind.
S&P Global ranks Australia first in the world for renewable energy investment attractiveness.
Importantly, as well, we have a AAA credit rating from all three major agencies.
So we have everything that investors are looking for when they’re deciding where to put their capital, and we also promise certainty.
We’ve legislated net zero by 2050. By 2035, we’re aiming for a 62 to 70 per cent cut in emissions on 2005 levels.
Ambitious, but certainly achievable, and already we are seeing extraordinary progress.
Final investment decisions for large-scale renewable generation reached five gigawatts by the end of September 2026, and renewables have broken records in every quarter of this year, creating a seven and a half million tonne reduction in emissions over the year to March.
We’re also making progress under our Future Made in Australia agenda, backing the industries where our advantage is undeniable: critical minerals processing, green metals, low-carbon liquid fuels.
And in this room, I see investors that are already partners in our transition, the Sumitomo Mitsui Banking Corporation and Gentari, among others, across wind, solar, storage, green iron, and sustainable aviation fuel, there are opportunities to work with Australian businesses, turning our clean energy ambition into action and opportunity.
Businesses like HAMR Energy helping increase our energy security through more production of low carbon fuels.
Tilt Renewables, one of the largest owners of wind and solar generation over here as well.
So whether you are already invested in Australia or considering the opportunities, we look forward to building partnerships.
This is my third COP I’ve been to. I came in 2005 and 2006 as the Shadow Minister for Climate Change and Environment.
And at that time Australia had a MRET, the Mandatory Renewable Energy Target was 2 per cent.
Now, in a relatively short period of time, two decades, we now last December quarter was the first time that renewables represented over 50 per cent of our energy use, and that process is continuing.
And what’s driven it is the economics. The economics is what is driving it.
Because investment is producing returns, but making a difference, of course, for our environment as well.
So I make this point: even if you were sceptical about the science of climate change and ignored the reality of what is happening in the world, it would still make sense to have the investment to drive the economic transformation, because that is how we will transform industry, transform the way that we produce things as well.
So the solutions to the climate challenge are right before us, and the role that you play is absolutely critical.
The truth is that governments can’t solve this By themselves, what government’s role is is to facilitate and maximise private sector activity.
And this area, is to stand out for it.
So, I want to thank you for your engagement this morning. I know that you will be engaging with our agencies on the way that we can facilitate that investment.
And I think that the role that Australia is playing as well in the region as a country that has a stable political system, legal system, framework that is in place, we have the structures in place as well to drive that change, not just for our own nation, but throughout the Pacific as well.
And that’s one of the themes here.
The Pacific countries need investment to build up their own national resilience against what is happening with the reliance on diesel in particular that was disrupted by the Middle East crisis.
It is, I think, fantastic that Australia is playing a lead role at this COP, and in Minister Bowen, he’s been given a big responsibility, and I will turn to him now.
Thank you for all of your efforts.
