Climate Change and Energy Minister Chris Bowen and US Special Presidential Envoy for Climate John Kerry have signed a Letter of Intent to break down barriers for US companies to invest in Australia’s clean energy industries.
The signing of the Clean Energy Demand Initiative (CEDI) will make it easier to encourage cost-competitive and efficient markets, and implement credible and transparent systems for investors.
Apple, Johnson & Johnson, Google and Amazon are some of the US companies that have expressed interest in investing in Australia’s clean energy generation infrastructure. These companies could invest up to $2.9 billion to increase renewable deployment.
Minister Chris Bowen said the signing of the CEDI was another step towards closer ties between Australia and the US on climate action.
“By setting up a favourable market environment for investment, we are signalling to US companies that we welcome international partners to support our clean energy future.
“It is another milestone for our relationship with the US after we signed the Australia – United States Net Zero Technology Acceleration Partnership in July.
“The Initiative also sends a signal to the world that Australia is open for business as a reliable investment as the world heads towards net zero emissions by 2050.”
The CEDI signing occurred in Pittsburgh, in the margins of the Global Clean Energy Action Forum in which Australia committed to cooperation on solar manufacturing and supply chains.
During his 5-day trip to the US, Minister Bowen has delivered speeches and attended major events in New York, Pittsburgh and Washington DC.