That was the message at a special Victorian Chamber of Commerce and Industry lunch event with Victorian Minister for Climate Action, Energy, Resources and State Electricity Commission, Lily D’Ambrosio at ZINC at Federation Square. 

An audience of more than 250 members and stakeholders heard about the critical topic of transitioning to a net-zero economy, as well as the role that industry can play in achieving this objective.

Victoria was one of the first jurisdictions in the world to legislate a net-zero emissions target and has set an ambitious goal of 95 per cent renewable energy use by 2035.

Minister D’Ambrosio discussed the road forward for Victorian businesses and communities and shared her insights on the challenges and opportunities involved in the transition to a net-zero economy.

"We must take everything we've done over the past eight years and double it by 2030 and then again by 2035. And that's not just Victoria, but that's where the world is understanding we need to be.

“We must reduce our reliance on fossil fuels and deploy cheaper, more reliable renewable energy as quickly as possible… We must also deliver the transition in a way that creates jobs and builds new businesses and industries in Victoria.

“Ninety-five per cent renewable electricity means that it's not just going to be offshore wind. We still need a lot to be built onshore: a lot more solar, a lot more wind and a lot more other technologies that may become more technically viable as the years go by or indeed economically viable.

“Our emissions reduction targets of 75 to 80 per cent by 2035 and net zero by 2045 - these are the most ambitious in the country. We know we can do it and we will do it and there will be absolute benefits for our economy to set these targets and achieve them. The targets provide long term certainty for investors."

Victorian Chamber Chief Executive Paul Guerra outlined the main priorities for Victorian industry in the energy transition, including addressing the issue of high energy costs and future economic opportunities for Victorian businesses in areas such as renewable energy, energy efficiency and sustainable technologies.

“We know that Victorian businesses across the State are struggling with the increased costs of energy, uncertainty surrounding the future of our energy supply, and unsure of how to keep costs down while exploring ways to reduce carbon emissions,” Mr Guerra said.

“The silver lining is that we have a real opportunity to facilitate real change that won’t just benefit us in the here and now, but the legacy of the changes made will have an impact on our future generations.”

Chamber roadmap

In taking a proactive approach to facilitating change, the audience heard about Achieving a Net-Zero Economy: Roadmap for Victorian Businesses, the Victorian Chamber’s campaign to support businesses’ transition to a net-zero economy, created in conjunction with sustainability consultancy Arup.

The comprehensive piece of work outlines 25 short-medium and long-term recommendations on how we can reduce energy costs, ensure energy supply and support businesses reach net-zero.

The process began in July last year, with the Chamber conducting research, large-scale member surveys, and regional and metro roundtables with members to identify the main issues facing businesses.

Mr Guerra said: “The Government has done a lot in this space already, but at this critical point, we want to ensure that the pedal is being pushed down and not released. That’s why we have developed our roadmap to net-zero.

“This isn’t just about the environment. Transitioning to a net-zero economy is also a critical opportunity for economic growth. Investing in renewable energy will create jobs and drive innovation in Victoria.”