Global companies including Google, Unilever, and Amazon could invest billions of dollars in Australia’s renewable energy sector as a result of a new Clean Energy Demand Initiative signed by the United States (US) and Australia.
Meeting in Pittsburgh, US Special Presidential Envoy for Climate John Kerry joined Australian Minister for Climate Change and Energy Chris Bowen, and nine companies—Akamai, Amazon, Cisco, Google, Iron Mountain, Lululemon, PepsiCo, Salesforce, and Unilever—to sign a Letter of Intent that will support the clean energy transition by working to procure clean energy in Australia and around the world.
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Together, these companies seek to unlock between $2.2-$2.8 billion in Australia’s clean energy infrastructure arising from commercial and industrial sector operations, working together with the Australian government as part of the Clean Energy Demand Initiative (CEDI).
Bowen said the signing of the CEDI will make it easier to encourage cost-competitive and efficient markets and implement credible and transparent systems for investors.
“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,” he said.
“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.”
Many of these US firms are already working with their supply chain partners in Australia and confirm the desire to support their suppliers with clean energy procurement as more options become available.
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CEDI serves as a platform for stakeholder engagement and country partnerships and creates a venue for companies and countries to signal investment potential in clean energy, share experiences, and support each other on policy reform that contributes to affordable and resilient energy systems that drive economic growth.
Globally through CEDI, 75 interested private sector partners, representing a wide range of sectors, including technology, manufacturing, retail, and health, have indicated interest in unlocking up to $100 billion in clean energy infrastructure across 14 countries, as a complement to broader sectoral investment.
