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Growing business concern over energy impacts

01 March 2023

economyinfrastructurestate government

A new Victorian Chamber survey has revealed most businesses are increasingly concerned about the impact of energy prices and want Government support on long-term solutions to reach a net-zero economy.

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The Victorian Chamber’s survey canvassed 408 small, family, medium and large businesses across a range of sectors on issues including energy costs, energy supply and the transition to a net-zero economy.

Nearly all (92 per cent) expressed concern about potential increased costs of energy in the next year, with support for a program that provides an energy use audit and options for cost savings and upgrades to address high energy costs.

Long-term, only eight per cent of businesses believe Victoria is adequately prepared to reach 95 per cent renewable energy use by 2035, with nearly half of respondents preferring greater Government support in the transition to a net-zero economy.

Victorian Chamber of Commerce and Industry Chief Executive Paul Guerra said: “Our members are clearly saying that they are concerned about energy prices and they recognise that renewable energy is the long-term solution.

“These businesses are looking to Government to provide the direction, certainty and assistance around what the journey to net-zero looks like and how they can participate in it.

“If we are to reach the Government’s 95 per cent renewable target by 2035 then we need to get our skates on, but we also need to ensure we take business with us.

"'Achieving a Net-Zero Economy: Roadmap for Victorian Businesses', provided to Government, would help ease the cost of doing business and future-proof Victorian industries while establishing a world-leading clean energy sector that could be a key driver of our future economy.”

Energy costs

Key findings:

  • One in five indicated that energy costs have had a significant impact on their business operations in the last 12 months
  • 92 per cent expressed concern about potential increased costs of energy in the next year.

Transition to net-zero

  • Under 10 per cent of businesses are currently measuring their carbon emissions, while almost 70 per cent are not planning to do so
  • Only eight per cent of businesses believe Victoria is adequately prepared to reach 95 per cent renewable energy use by 2035
  • 42 per cent of respondents would like Government support in the transition to a net-zero economy
  • Seven out of 10 respondents believe that the transition to a net-zero economy should be used as an opportunity for Government to help drive green manufacturing in Victoria.  

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