MELBOURNE, March 22 (Reuters) - Australia's revenue
potential from developing a battery industry has doubled to
A$16.9 billion ($11.28 billion) by 2030 in less than two years,
highlighting the speed of the sector's expansion and the need to
act quickly, an Accenture report showed on Wednesday.
Australia's battery industry is poised to become a global
leader given the country's mineral wealth, but the federal
government needs to offer substantial industry incentives to
shore up the sector given emerging global competition, according
to the Charging Ahead report.
Global battery demand is forecast to expand 34% a year to
2030, quicker than annual growth of 24% seen just 18 months ago,
given rapid uptake of electric vehicles, stationary storage and
a global acceleration in the energy transition, the report
added.
Batteries could create local 61,400 jobs by 2030, said
the report backed by government and battery industry research
group Future Battery Industries, which will be launched by
Industry and Science Minister Ed Husic in Canberra on Wednesday.
Australia is cost competitive but will need to press its
advantages of mineral diversity, reliability, security and its
environment, social and governance (ESG) credentials to capture
the opportunity across the value chain, the report said.
Australia accounts for nearly half of the world's lithium
supply, is the world's second biggest cobalt exporter and is a
major supplier of rare earths.
It is developing a critical minerals processing industry to
make precursor chemicals for batteries but may stop short of
mass producing cells or batteries themselves, according to
analysts.
The report said Australia should reposition its export focus
for batteries and battery material supply to countries seeking
to diversify supply chains in a battery industry currently
dominated by China.
Australia should also pursue partnerships with geopolitical
allies in order to capitalise on the opportunities at hand, the
report added.
($1 = 1.4984 Australian dollars)
(Reporting by Melanie Burton; Editing by Jamie Freed)
+613 9286 1421; Reuters Messaging:
melanie.burton.thomsonreuters.com@reuters.net))
