Treasurer pitching Australia as a potential ‘renewable energy superpower’ to mega investors in US
Jim Chalmers will pitch Australia as a potential “renewable energy superpower” as he hustles mega-investors for a share of their trillions.
The Treasurer is spending Friday (Saturday AEDT) meeting with 10 of the world’s biggest investors in New York City.
Among the calls at the New York Stock Exchange will be Blackstone executive Kenneth Caplan, Mastercard chair Merit Janow and Blue Owl’s John Wilson.
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By continuing you agree to our Terms and Privacy Policy.Dr Chalmers will argue Australia has “unique advantages” in its abundant natural resources, and is regionally well-placed to “be at the heart of our region’s digital infrastructure”.
“Whether it’s our resources or renewable energy, our skills or our stability, Australia has exactly what the world needs, when the world needs it,” he said.
“Australia is an incredibly attractive investment destination based on our strong economic foundations, our place in the Indo-Pacific and our potential to be a renewable energy superpower and regional digital infrastructure hub.”
The renewable energy pitch comes despite Australia’s status as one of the world’s top three fossil fuel exporters.
Australia’s mining opportunities are also on the menu, with a deck including Australia’s vast reserves of lithium, manganese and rare earths.
While Mr Chalmers courts American investors, a report commissioned by the peak body for Australian superannuation shows the potential for Australian funds to be put to work elsewhere.
The Super Members Council believes member funds investment in the UK and Europe will double to $660 billion over the next decade.
At the moment, Australian super is collectively valued around $4.3 trillion, with estimations of $8.3 trillion value by 2035.
“Australia’s pool of retirement savings is growing at such speed and scale that the world’s biggest economies are competing for our pension capital,” said Super Members Council CEO Misha Schubert.
“Which means more money in retirement for Australians and finance that supports critical infrastructure projects and jobs in the UK and Europe.”
The proportion of Australian super invested abroad is growing, with nearly 60 cents in every new Australian dollar at work overseas.
