Driving investment in renewable energy storage

Dept of Industry, Science and Resources

The Australian Government is pressing ahead with its ambitions to see domestic battery manufacturing capabilities ensure homes and businesses can access cheap and reliable renewable energy into the future.

Minister for Science and Industry Ed Husic said the CSIRO Renewable Energy Storage Roadmap released today shows major investment in storage technologies is needed to meet growing demand for cheaper renewable power.

“Large-scale uptake of battery storage and battery manufacturing will be vital in the nation’s transition to net zero and to Australia becoming a world leader in clean energy,” Minister Husic said.

“The Government recognises the pivotal role that cheap, widely available energy storage will need to play in the transition to renewable power. That’s why the Government is delivering the Australian Made Battery Plan, spearheaded by the development of Australia’s first National Battery Strategy.

“By 2030, the battery manufacturing industry has potential to be worth nearly $17 billion and create more than 61,000 jobs, according to the Charging Ahead report from the Future Battery Industries Cooperative Research Centre.

“As the CSIRO roadmap emphasises, we need a pipeline of projects using diverse technologies to unlock the full potential of our renewable energy resources.

“That means there’s a huge opportunity for new systems and technologies to be developed here to manage the production, storage and use of renewable energy.

“The private sector is keen to invest in these innovative storage projects crucial for Australia’s energy transformation, and we’re committed to supporting efforts to bring these projects forward.

“That’s why we are working closely with the states and territories, and consulting widely with industry, the community, academia and experts to shape the National Battery Strategy.”

In welcoming the CSIRO roadmap, Minister Husic said “this report is a great example of the sort of work the CSIRO should be undertaking – harnessing Australia’s science and research capabilities to tackle major national challenges and grow new industries”.

The Government continues to implement other initiatives focused on bringing cheaper renewable energy to homes and businesses and meeting Australia’s international emissions obligations.

This includes reaching 82 percent renewables in Australia’s energy grid by 2030, which will be achieved through our $20 billion Rewiring the Nation Fund through deals with states and territories, as well as unlocking around $10 billion of investment in clean dispatchable power through the Capacity Investment Scheme.

To equip businesses with the skills and technology they need to locally manufacture renewable energy technologies such as batteries, the government is creating a Powering Australia Industry Growth Centre.

To read the CSIRO Renewable Energy Storage Roadmap, visit the CSIRO website.

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