PERTH (miningweekly.com) – Australian Climate Change and Energy Minister Chris Bowen has signed a letter of intent with US Special Presidential Envoy for Climate John Kerry, to break down barriers for US companies to invest in Australia’s clean energy industries.
Bowen has signed up for the US’ Clean Energy Demand Initiative (CEDI), which will make it easier to encourage cost-competitive and efficient markets, and implement credible and transparent systems for investors.
Apple, Johnson & Johnson, Google and Amazon are some of the US companies that have expressed interest in investing in Australia’s clean energy generation infrastructure. These companies could invest up to A$2.9-billion to increase renewable deployment, Bowen said.
According to the US government, CEDI creates a platform to connect countries with companies seeking to rapidly deploy clean energy to offset electricity demand in their sectors, including health, manufacturing, retail, technology and transportation.
Through CEDI, companies can send demand signals for clean energy and countries can share policy updates and plans that enable corporate renewable procurement, as well as share lessons with each other.
Currently, more than 75 companies have indicated investment interest in 14 countries, which could drive up to $100-billion in renewable energy infrastructure investment. In many cases, this renewable investment is a complement to broader industrial and commercial investment.
Bowen said the signing of the CEDI was another step towards closer ties between Australia and the US on climate action.
“By setting up a favourable market environment for investment, we are signalling to US companies that we welcome international partners to support our clean energy future.
“It is another milestone for our relationship with the US after we signed the Australia – United States Net Zero Technology Acceleration Partnership in July.
“The initiative also sends a signal to the world that Australia is open for business as a reliable investment as the world heads towards net-zero emissions by 2050.”