A recent survey of Victorian Chamber members found 53 per cent of businesses believe Victoria is not doing enough to invest in renewable energy, dispatchable energy and energy infrastructure, while 75 per cent of businesses felt they were not getting enough support with the increased cost of energy in Victoria.

Achieving a Net-Zero Economy: Roadmap for Victorian Businesses advocates for supporting business and developing a skilled future-ready workforce while simultaneously developing and deploying low-emission technologies and practices.

This includes large-scale investment in hydrogen, solar, wind and bioenergy, as well as providing incentives and subsidies for businesses to adopt energy-efficient technologies and practices to address rising costs.

The roadmap also advocates for the State Government to produce a detailed plan on how Victoria will reach 95 per cent renewable energy in the State by 2035.

The recommendations include short-term business and workforce initiatives, as well as medium to long-term mechanisms to guide the state’s transition to renewable energy.

Key short-term priorities

• A Government Renewable Energy Roadmap – the Victorian Government prepares and publishes a comprehensive renewable energy roadmap that includes the Victorian Chamber’s recommendations and provides certainty for the business community.
• Energy Intensive Business Support – ensure energy intensive industries receive opportunities for grants, subsidies and incentives to lower energy costs and effectively transition to renewable energy options.
• Develop Victoria’s Skilled Workforce – Implement programs for reskilling workers in existing industries to transition via microcredentials or fast-tracked courses to ensure businesses have the future workforce they will need.
• Commercial Solar Upgrades – Increase commercial subsidy schemes to incentivise commercial property owners to install renewable energy infrastructure.

Key medium-term priorities

• Large-Scale Battery Storage – Co-invest with industry on large-scale battery storage capabilities. Partnered with a priority in boosting supply chains, this will offset the risk of supply shortages during the infrastructure upgrades to Victoria’s energy grid
• Australian-Made Renewables – Increase sovereign manufacturing capability to grow a diverse renewable sector. This would increase the reliability of Australia’s energy supply chain, enhancing our export capacity, increase competitiveness and drive down costs.
• Electric Vehicle Network – Fund the expansion of Victoria’s ultra-rapid electric vehicle charging network across Victoria to support the transport and logistics sector reduce emissions.

Key long-term priorities

• Innovation and Commercialisation – Establish long-term partnerships with industry and the tertiary sector to drive innovation and commercialisation of renewable products and services.
• Net Zero Built Environment – Develop a comprehensive, long-term strategy to achieve net-zero emissions in the built environment by retrofitting existing buildings and designing new ones to be energy-efficient and to use renewable energy. The strategy should include building codes and standards, financial incentives, training and education programs to support the transition to net-zero buildings.

Victorian Chamber of Commerce and Industry Chief Executive Paul Guerra said: “The energy crisis is one of the biggest challenges businesses are facing in 2023. That’s why the Victorian Chamber is taking a proactive approach to raise awareness and provide practical solutions to reduce costs, ensure reliable energy supply and support businesses transition to a net-zero economy.

“The transition to net-zero presents a unique opportunity for industry, and the Victorian economy, but it is imperative that Victorian business and the State Government take a leadership role and use the transition to a net-zero economy as an opportunity to drive economic growth.

“Reducing emissions is about more than the environment; the renewable energy manufacturing sector could and should be a key component of Victoria’s manufacturing future. We have some of the best, if not the best, conditions for producing renewable energy in the world so we should be grasping this opportunity with both hands.

“By adopting our roadmap, we believe the Victorian Government can effectively attract private investment, reduce energy prices, ensure the supply of energy, and support businesses in transition to a net-zero economy.”

The Victorian Chamber’s Achieving a Net-Zero Economy: Roadmap for Victorian Businesses can be found here.