The news that $100 billion worth of renewable energy projects have expressed their interest in the Hunter Renewable Energy Zone (REZ) is proof that the private sector is hungry to invest big-time in the Hunter as a zero-emissions zone.
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Beyond Zero Emissions (BZE) is typically ambitious to show through our research that Australia can prosper and thrive in a zero-emissions economy. Even the team at BZE are agog by the appetite for investment in the Hunter-Central Coast REZ.
Our economic modelling found that a Hunter Renewable Energy Industrial Precinct (REIP) would unlock capital investment of $28 billion by 2032.
The Hunter-Central Coast REZ was included in a last-minute amendment to the Electricity and Infrastructure Act, but it has attracted the most interest. This is because the Hunter is the nation's industrial heartland and a centre of excellence for energy, mining and manufacturing.
A REIP is the next critical step to future proof the region and bring more green investment. The Hunter REZ and the REIP go hand and glove: the REZ providing the generation and the REIP absorbing the load, powering both existing manufacturing such as aluminium, mining and electrical equipment, including batteries; and supporting 21st century industries such as critical minerals, green hydrogen and offshore wind supply chains.
Local content required for the REZ can help ramp up manufacturing in the REIP, creating more jobs for the Hunter. For example, Hunter innovators such as MGA Thermal bricks and Allegro Energy can scale their manufacturing in the Hunter and play a central role in storage, which is essential for heavy industry.
The development of the Hunter-Central Coast REZ will create thousands of jobs in itself, however construction jobs are temporary, so the manufacturing jobs are crucial. A REIP will anchor zero-emissions manufacturing across the whole region. Upper Hunter local member David Layzell expressed the importance of overlaying manufacturing as the industrial load for the Hunter REZ.
Our modelling also showed 34,000 new local jobs in new industries by 2032.
It is critical for governments at all levels to help coordinate this development. We need a plan to support and coordinate this economic development for the Hunter, bringing together infrastructure and our skilled workforce to capture this once-in-a-lifetime opportunity.
Sam Mella is the Hunter Project Manager for green energy think tank Beyond Zero Emissions.
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