Australia’s relationship with the United States (US) is economically and strategically significant for both countries. As we face a future with complex technological, geopolitical, economic, environmental and social challenges, strong US and Australia relations have never been more important. These pressures are increasing and will test the resilience of both nations, but also create exciting new opportunities for business collaboration.
KPMG has partnered with AmCham in Australia to examine the industries we believe will shape the future economic and strategic partnership between the US and Australia for the next 50 years.
Our first report, Key industries identifies six emerging industries key to the future of the US and Australia partnership – AI, digital economy, quantum computing, biotechnology, space industry, and energy and clean technology.
The second report, Emerging tech examines opportunities for trade, investment and skilled employment creation in AI, quantum science and the digital economy. It analyses their commercial benefit to Australia and go-to-market strategies.
Our third report, Space industry explores opportunities, insights and analysis into how space technology and emerging space industries may shape Australia’s future economic relationship with the US.
This fourth report focuses on opportunities for trade and investment in the clean energy sector. Specifically, Australia’s participation in the US clean energy market within the context of changing geopolitics and foreign investment regulations. It also provides factors for success for Australian business looking to be part of this.
We are going to establish climate and energy as the third pillar of the Australia–US alliance. This will enable the expansion and diversification of clean energy supply chains, especially as it relates to critical minerals.
Report highlights
KPMG modelling reveals enormous potential for Australia under the exponentially growing US clean energy market conditions — If Australia can increase its market share here, it could generate up to US$3.7b in exports, US$4.1b in incremental capital investment, and nearly 12,500 Australian jobs within nearly a decade.
The US will lean on international partnerships to secure its clean energy supply chain, including plans to significantly increase onshore renewable energy and battery manufacturing. To capitalise on this, Australia must make use of its natural advantages in critical minerals, undertake further value-adding activity on raw minerals, use its high-quality engineering talent pool and proven innovation abilities.
The pace and scale of change in the global clean energy industry is vast and countries are seeking closer cooperation with their trusted partners to ensure clean energy security. Australia, as a trusted and large-scale supplier of critical minerals, stands to benefit from growth in the global clean energy industry. Australia holds the second-largest lithium reserves globally and supplies about 50 percent of the world’s lithium.
A Prosperous Future: Clean energy
Opportunities for US and Australian collaboration in the clean energy industry.
