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Energy update | 15 July 2022
14 Jul 2022
Sydney Energy Forum
The Sydney Energy Forum earlier this week brought together governments and the private sector from across the Indo-Pacific Region, with a focus on securing the regions clean energy supply chains.
The forum was organised to coincide with the Quad Energy Ministers Meeting, with energy ministers from the United States, India, and Japan, in attendance, as well as senior government figures from Indonesia, Germany, Fiji and Samoa. The ministers were also accompanied by business delegations from major corporations in the renewable energy sector from these countries.
The transition to a clean energy future is complex and there are many challenges that need to be overcome. We are moving from a concentrated fossil fuels intensive energy supply to a more diverse system reliant on a range of different minerals and metal needed to solar panels, wind turbines, batteries and hydrogen. This will require the development of new resources and supply chains.
Coming out of the forum were eight practical actions to be undertaken across the Indo-Pacific region.
These were the need to:
- Accelerate project investments and partnerships that expand and diversify the supply of critical mineral and other key materials
- Accelerate industry partnerships and R&D deployment to expand and diversify manufacturing capacity for key products
- Increase transmission grid connections within and between countries to support the scaling of renewables
- Establish long-term demand commitments for low-carbon hydrogen and derivatives to de-risk investment in production, transport and end-use infrastructure
- Boost technical assistance and mobilise financing in small island states and developing countries in the Indo-Pacific to support the regions clean energy transition
- Create new regional clean energy partnerships to identify key priorities, build training capabilities and enable skill mobility
- Pursue alignment in environmental and ethical sourcing certifications and traceability of products in clean energy supply chains
- Support partnerships and make investments that accelerate research, development, deployment and commercialisation of key emerging technologies.
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