"COP28 has provided the clearest signal yet that our potential to supply the world with transition minerals, clean energy and clean energy intensive products will find large and growing markets," Innes Willox Chief Executive of the national employer association Ai Group said today.

"Other nations will need what Australia can provide to grow their economies and meet their upgraded commitments. Our task is to approve, finance and construct the immense developments that will meet those needs, and to be efficient and competitive in the process.

"Our efforts to seize those opportunities are all the more urgent because the outcome in Dubai underlines that the sun is setting on some of our largest current exports.

"The largely successful outcome at COP28 was achieved despite the difficult issues and deep disagreements that were evident over the past fortnight.

"The Global Stock Take that was agreed will assess progress on the Paris Agreement goals and set course for the way ahead.

"Nations have now provided each other with a strong push to raise their sights with the next round of targets for 2035 that all countries must develop over the next 18 months.

"Each country is committed, as appropriate, to achieve deep global emissions reductions, supported by global transitions towards clean energy and efficiency and away from fossil fuels in energy systems.

"The transition from fossil fuels that all nations agreed to contribute to – including the largest consumers and producers – will not happen overnight or without great effort.

"Fossil fuels will provide important services for a long time to come, including non-energy uses and as backup with strong abatement of emissions. But the megatrend of transition by our current customers means that Australia will need to adapt our economy, fairly manage the decline of some activities, and make the most of the new frontiers that are opening up," Mr Willox said.

Media enquiries

Tony Melville – 0419 190 347