The UK Government revealed last week (24 August) that ten UK-based companies were to travel to Australia to explore clean energy opportunities.
According to the statement, the ten companies will travel to the states of Western Australia and Victoria, to explore opportunities to implement a range of clean energy technologies including wind power and support, resilience consulting, fuel cell technologies, hydrogen system integration and deep sea robotics and engineering.
The ten companies travelling to Australia include Acteon, Ceres, CWind, EPI, Hydrasun, JBA, Motive Offshore Group, Norco Group, Ocean Infinity and Venterra Group.
Louise Cantillon, HM deputy trade commissioner for Australia, said: “I’m delighted to welcome the first UK Clean Energy Trade Mission to Australia. This mission showcases phenomenal UK companies who are using the latest technology to deliver cleaner, greener energy and support the transition needed to reach net zero.
“Clean Energy continues to be a key priority of the UK government with significant opportunities for investment in flagship projects and exporting key innovation and technology expertise. Together we can usher in a new era of renewables that will reduce the cost of going green and expedite a low carbon economy.”
The Clean Energy Trade Mission is the latest development between the UK and Australia that sees the two nations become more aligned. This follows the Australia-UK Free Trade Agreement (A-UKFTA) which came into force on 31 May 2023.
The Free Trade Agreement offers smoother trade and investment between the two countries, zero tariffs, easier business travel and reduced red tape. Doing so generates more opportunities for businesses and investors in the two markets.
Western Australia could become a vast opportunity for clean energy investment from abroad and it is clear why this particular state has been targeted by the UK. According to the Government of Western Australia, the “majority of electricity is still currently generated via coal and gas with diesel and renewables also making up a smaller percentage of the mix”.
But this does not mean that the state hasn’t placed an emphasis on the development of renewable energy sources.
The Government of Western Australia has committed to a whole-of-government 2030 greenhouse gas emissions reduction target of 80% below 2020 levels. The result will see “an estimated AUS$3.8 billion (£2 billion) invested in new green power infrastructure in the South West Interconnected System (SWIS), including wind generation and storage, to ensure emissions reduction, continued stability and affordability”, the government states.
This therefore could be an opportunity for UK companies to support the energy transition and bolster trade with Australia.