With the announcement yesterday from China regarding Australia’s coal exportation, significant moves from the banking and investment sector away from fossil fuels and the recent responses from major mining groups such as Glencore and BHP responding to investor and environmental pressures, Bioenergy Australia says now is the time for some strategic thinking.
The organisation is calling for an urgent fast track on the development of a new industry that can replace and support jobs and economic development for regional Australia and a transition economy for Australia.
A recently released market analysis and forecast report by the International Energy Agency predicted modern bioenergy will have the biggest growth in the next five years, driving 40 per cent of global energy consumption growth. With the global aviation sector setting a 50 per cent reduction in emissions by 2050 target, it is predicted that over 300 million tonnes of Biojet fuel will be required per annum.
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“It is almost inconceivable that in these times of significant issues regarding fuel security, waste and declining regional economies we don’t have a national strategy for Australia’s bioeconomy,” chair of Bioenergy Australia Dr John Hewson says.
“Australia needs this new industry and we are calling on a Parliamentary inquiry into the impediments of the development of the industry, and for Australia’s bioeconomy to be given a place within a Ministerial portfolio in the next Government. We need leadership now and we need Parliament to act.”
Bioenergy Australia released the Bioenergy state of the nation report (produced in collaboration with KPMG) in late 2018. The first report of its kind identified the opportunity for Australia is significant and multi-faceted, offering a $3.5-$5 billion investment opportunity, mostly in regional economies.
Bioenergy is generated from the conversion of solid and liquid biomass products for use as electricity, heat, gas, liquid fuels and bio-based products and delivers a range of benefits such as employment and economic development of rural/agricultural communities, energy security, utilisation of waste streams and reduction in greenhouse gas emissions.