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The Australian Government has released a major new strategy to forge closer economic integration with Southeast Asia, one of the world’s fastest-growing regions. Developed by Mr Nicholas Moore AO, Special Envoy to Southeast Asia, the Invested: Australia’s Southeast Asia Economic Strategy to 2040 sets out a practical pathway to increase Australia’s two-way trade and investment with the region. The Australian Government has announced three priority initiatives as an initial response to the strategy’s 75 recommendations. One will involve setting up investment deal teams to increase Australian investment in Southeast Asia. The teams will identify opportunities in priority sectors, provide market intelligence to investors and advise on risk management and regulatory processes. The second initiative is a four-year program to increase two-way trade between Australia and Southeast Asia. The third is a placements and internships program for young professionals in Australia and Southeast Asian countries. 

Investment in large-scale energy storage projects in Australia reached a record high in the second quarter of 2023. The Clean Energy Council’s Renewable Projects Quarterly Report showed six energy storage and hybrid projects worth A$2 billion reached investment stage in Q2 2023. This is the first time Australian storage projects have broken the billion-dollar barrier in a single quarter. These six energy storage projects will add 3,802 MWh to Australia’s storage capacity.

US headquartered snacks company Mondelēz International and global packaging company Amcor are investing in an Australian advanced recycling technology pioneer. The investments will help Licella progress construction of one of the first advanced recycling facilities in Australia, to promote a circular economy for plastic packaging. Licella’s technology uses hot, pressurised water to continuously recycle end-of-life plastic that would otherwise be sent to a landfill. The plastic is transformed into back into a crude oil substitute suitable for producing new food-grade plastic packaging. The new Australian facility, called Advanced Recycling Victoria, will initially process 20,000 tons per year of used plastic, scaling up to 120,000 tons. Through Amcor, Mondelēz International will have access to recycled content from this site to meet much of its Australian soft plastic packaging needs, reducing its need for virgin plastic.

German energy giant BayWa r.e. has announced a strategic development partnership with Atmos Renewables for a series of wind projects. BayWa r.e.said it marked “a significant milestone in the company's commitment to renewable energy development in Australia”. As part of the deal, BayWa r.e. sold to Atmos its Karadoc solar farm, which is one of Australia’s largest operating solar projects with a capacity of 112.5 MWac. It committed to redeploying resources from the sale proceeds and further investments into its 5GW pipeline of renewables projects in Australia. The arrangement also means Atmos has an option to acquire interests in BayWa r.e’s other Australian wind development projects. BayWa r.e. says: “It leverages Atmos' local expertise and BayWa r.e.'s global experience, creating a formidable force for developing a series of wind projects across the country.”

Australia and California have signed a Memorandum of Understanding (MOU) to accelerate shared efforts on climate change and the clean energy transition. Areas of cooperation include supporting green finance, investment and climate-friendly business; developing clean energy supply chains and technologies; clean transportation; and the circular economy. California is the world’s fifth-largest economy. Its ability to set standards for new technologies makes it an important partner for Australia’s transition to renewable energy. The MOU follows an agreement between Australia and the US in May to cooperate on clean energy and critical minerals supply chains and accelerate markets for technologies including batteries and hydrogen. Minister for Climate Change and Energy Chris Bowen said: “Global collaboration is critical to ensuring Australia maximises our clean energy potential and realises our ambition to become a renewable energy superpower.”

Daiwa Securities has made its first equity investment in Australia. The Japanese company was one of several investors in Main Sequence’s third deep tech investment fund, which raised A$450 million in its first close. Daiwa Securities says there are many opportunities for potential cooperation between Japan and Australia in areas that Main Sequence focuses on. These include decarbonisation, food, healthcare, space, core technology (quantum computers, cybersecurity and semiconductors) and artificial intelligence. Founded by CSIRO, Australia’s national science agency, Main Sequence has more than A$1 billion in assets under management. The market value of the deep tech companies the firm supports has grown to over A$6.8 billion.

The Decarbonising Australia Business Summit attracted over 600 people from the research, corporate and government communities to hear how Australia and Japan could work together on the road to net zero. The Summit, held in Sydney on 26–27 July, explored opportunities for commercial partnerships across clean energy, research and technology. Industry panels and policy presentations explored the future of hydrogen and ammonia, carbon capture, sustainable aviation fuels and green steel.

The governments of Australia and the United Kingdom have announced a new joint initiative to provide funding aimed at accelerating green hydrogen projects. The announcement was made at a recent Green Hydrogen Roundtable held in Goa, India. The funding will enable Australian and British companies to work together on research, development or demonstration of green hydrogen projects that will contribute towards the decarbonisation of industry and transport. The arrangement is part of a broader push by the Australian Government to work with like-minded countries to build supply chains, enhance investment and shape global markets for clean energy technologies.

A multinational consortium comprising Ireland’s Simply Blue Group, the UK’s Subsea7 and Australia’s Spark Renewables will develop a major Australian offshore wind project. The Sea Fern Floating Offshore Wind project is in a newly declared wind zone in the Pacific Ocean off the Hunter, in New South Wales. The project will be able to generate up to 2 GW. Offshore wind is expected to play a major role in helping Australia meet its target of net zero emissions by 2050. There are 6 proposed regions for offshore renewable energy developments (such as offshore wind) around Australia. The Hunter area is Australia’s second official offshore wind development zone. Australia is accepting applications for feasibility licences for this zone until November 2023.

Philippines-listed ACEN has partnered with Traditional Owners, the Yindjibarndi people, to develop and operate large-scale renewable energy projects in Western Australia’s Pilbara region. The historic partnership is one of Australia’s largest Indigenous-led renewable energy initiatives. It ensures the Yindjibarndi people have approval for all proposed project sites on Yindjibarndi Ngurra (country), equity participation of 25% to 50% in all projects, preferred contracting for Yindjibarndi-owned businesses, and training and employment opportunities. ACEN and the Yindjibarndi Aboriginal Corporation (YAC) have formed the Yindjibarndi Energy Corporation (YEC). YEC’s initial goal is to start constructing 750 MW of combined wind, solar and battery storage over the next few years – an investment of more than A$1 billion.

Confidence in the Australian renewable energy sector has never been higher, a new report finds. The study by Minter Ellison canvassed 100 active domestic and international renewable energy investors to gauge their views on investment opportunities, trends and challenges in Australia. It found that in 2022 US$33bn was invested in renewables projects and infrastructure and US$17.4bn in mergers and acquisitions. Despite the record investment, nearly three-quarters of respondents (74%) plan to increase investments in Australia through 2023 – “a sharp uptick from 65% in 2021”. Solar PV and biomass, biogas, and waste-to-energy projects were most frequently cited as strong opportunities. The report also highlights Australia’s key strengths as including greenfield project opportunities, funding and investment opportunities and return on investment, legal certainty and regulatory stability, and government net zero targets.

Applications are now open for Australia’s Digital Games Tax Offset (DGTO). Under the DGTO, games developers can claim a 30% refundable tax offset on eligible projects with more than A$500,000 of qualifying expenditure. The DGTO can be combined with state-based incentives, meaning some projects can access benefits worth up to 45% of development costs. The DGTO portal has more information on eligibility criteria and application guidelines. Australia is one of the world’s leading destinations for digital games development, with over 3,000 people working at 400 studios. Global studios such as Sledgehammer Games, Riot Games, Keyword Studios, Electronic Arts and Gameloft have set up in Australia, attracted to its deep pool of talent, tax offsets and incentives, friendly developer community and relaxed lifestyle.