The Future Battery Industries Cooperative Research Centre (FBICRC) has today outlined a pathway for Australia to claim its share of the global battery industry titled: “Towards 2030 – Australia’s Battery Powered Future”.
With global battery demand expected to grow at least 9 to 10-fold over the next decade with an estimated market of between US$133-$151 billion by 2030, the document proposes a multi-faceted strategy that Australia will need to pursue to deliver success and economic value.
The range of measures put forward include the development of a national battery strategy, an industry attraction fund with a specific focus on batteries and a bi-coastal Australian Battery Institute.
A range of mechanisms that support domestic and international consumption are also proposed and which may include practical measures such as rebates, fiscal support and concessions.
CEO Shannon O’Rourke said that to build a successful domestic battery industry, will require both courage and ambition at a national level.
O’Rourke said: “Batteries and battery minerals are becoming increasingly critical to the global goal of achieving net zero. Australia is blessed with an abundance of raw materials, finite resources of strategic global importance, that we should be leveraging to our national advantage.
“Through ambitious actions, investment and attraction strategies we can add value to our raw minerals, offer our trading partners a secure supply, meet domestic demand at a competitive cost and secure the jobs of the future all within our shores.”
The International Energy Agency forecasts a 40-fold increase in battery investment, eclipsing the opportunity for solar, wind and hydrogen with batteries expected to capture 70% of all renewable energy investment in a net zero world.
“Put simply, Australia has a choice. We can continue our traditional focus on the mining and export of raw battery materials and accept the lost opportunity of value add for Australia.
“Alternatively, we can shift our mindset, invest with purpose and adopt courageous and visionary policy settings. These measures have the potential to unlock a significant economic prize of $7.4bn annually and more than 34, 000 jobs by 2030.”
Picture: theleadsouthaustralia/100MW/129MWh Hornsdale Power Reserve
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