The two newly announced partnerships with the United States and Singapore governments tap technological collaboration to champion the transition to greener economies and address the challenges of climate change.
With COP27 drawing closer and the increasing attention of the global community on climate change, these partnerships represent a common message from Australia, Singapore, and the USA: They’re ready to make the leap into a green economy.
Australia and the United States of America
Signed on July 12, the Australia – United States Net Zero Technology Acceleration Partnership was signed by Chris Bowen, the Minister for Climate Change and Energy, and Jennifer M. Granholm, the United States Secretary of Energy. The partnership was two-pronged, with a dual focus on both zero-emissions technology and the supply chain of critical minerals.
This partnership comes at the same time as the CSIRO and the United States National Renewable Energy Laboratory (NREL) agree to partner, outlining key focus areas for the collaboration. These initial four focus areas are:
Australia and Singapore
The Green Economy Agreement (GEA) between Australia and Singapore is the first government-to-government agreement that drives trade and investment in environmentally-friendly solutions. This agreement, signed on the 18th of October sets out principles and scopes for a green economy in seven areas:
Alongside these focus areas, the agreement goes further in-depth on the initial collaborative projects such as a joint working group for cross-border electricity architecture, and a digital verification platform to reduce environmental costs.
The world’s most important climate summit is right around the corner. COP27, 2022’s climate action litmus test for the international community will shine a spotlight on two things: past promises that haven’t yet been fulfilled, and the need for unification in mitigating and adapting to the effects of climate change.
One year after COP26, the upcoming conference will endeavour to make the pathways for actioning past promises tangible. These agreements and their specification of projects and focal areas provide shape and direction to pledges that have been made and weave international accountability into the fabric of the plan.
These agreements are also models for further international collaboration, laying a framework for unification in the international community. Singapore Prime Minister Lee Hsien Loong, said “it will encourage other countries to look at what we have been able to do … [and] enhance cooperation on green issues.”
Now more than ever, cooperation is needed to make real progress on matters of climate change. More avenues for impact-focused investments are opening and every day we see more great startups launching with innovative solutions.
Some of Australia’s leading climate startups will be present at the Impact X Summit in Sydney on November 10 and 11. If you’d like a front row to the future, grab your discount tickets here.
The common thread between these two agreements is the aim to “reduce greenhouse gas emissions while supercharging economic growth”, as stated in the Australian and USA joint statement.
Previously, investments in climate-focused technologies have been perceived as needing sacrificing returns for impact. With increasing tailwinds (like these international agreements) pushing for the adoption of climate-focused technologies and infrastructure, we’re seeing returns and impact not only co-exist but have a generative symbiosis where they cause each other to grow.
Both agreements are approaching the adoption of climate-positive solutions as economic moves. These partnerships are just as focused on increasing economic strength as they are on reducing emissions. Australia’s Minister for Climate Change and Energy, Chris Bowen said “It prioritises not just development but deployment of the critical technologies that will underpin economic opportunity in the energy transformation of our two countries.”
For companies producing climate technologies, these agreements (particularly the Australia – United States Net Zero Technology Acceleration Partnership) provide clear indicators of sectors with high potential for impact right now. Pinpointing target areas in these agreements flags the areas as strong investment opportunities and highlights them as fantastic growth opportunities for climate tech companies.
For companies producing climate solutions to be deployed internationally, these partnerships also lower the cost of working with state-of-the-art labs through the CSIRO’s new connection to their Singaporean and United States counterparts. These connections, and the accelerators being launched adjacent to them, will boost the adoption of Australian innovation overseas and create a faster pathway to global markets.
These partnerships are strong indicators of the international community recognising the opportunity in climate technologies and preparing for the transition to a greener economy. To see results come from these partnerships, the adoption of climate technologies must be holistic. Collaboration must occur between nations, corporations, startups, and industry bodies.
The Impact X Summit, Australia’s premier climate conference, will bring all these stakeholders together and more for two days of the world’s most promising and exciting innovations being centre stage.
Want to connect with investors, buyers, partners, and startups that are working to build and scale climate solutions?
Grab your discounted tickets to the Impact X Summit here.