# Future made in Australia? Evaluating Australia’s 2024 green energy related policies and its potential impact on Asia

Christoph Nedopil and Jing Zhang


## POLICY BRIEF


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### Introduction

On April 11, 2024, Australia’s Prime Minister Anthony Albanese
introduced the Future Made in Australia agenda [1] with the ambition to
make Australia a Renewable Energy Superpower. This agenda is just
one of a flurry of legislative acts or documents issued by Australia’s
federal and state governments to support this ambition, including

-  Future Gas Strategy[2] for an expansion of gas industry “and the
decarbonisation of Australia’s energy grid” on May 9, 2024

-  Queensland’s Energy (Renewable Transformation and Jobs)
Act 2024[3] and Clean Economy Jobs Act 2024[4] approved on 18
April 2024

-  Queensland’s 2035 Clean Economy Pathway: 75 per cent by
2035[5]

-  Reforms to the Foreign Investment Review Board (FIRB)
framework[6] on May 1, 2024

-  A new Federal budget on 14 May 2024 including A$22.7 billion
for Future Made in Australia over ten years, especially for
renewable energy and critical minerals[7] as well as A$54 billion
funding for fossil fuels over five years through a fuel tax credit
program.[8]

These acts signal a pivotal shift away from traditional neoliberal
economic policies towards a mission-driven approach in the new
"geo-economic game", as Prime Minister Anthony Albanese
explained:

_“This is not old-fashioned protectionism or isolationism—it is_
_the new competition—we must recognise that the partners_
_we seek are moving to the beat of a new economic reality.”_

Do these announcements (and an allocation in the federal budget) set
up Australia and Queensland to be a credible host of COP31? How do
these developments impact Australia’s cooperation with Asia and the
Pacific?

Based on our analysis of these policies, we find Australia is engaging
in what might be termed “koala-kangaroo” agenda—taking some
leaps while not letting go of the old: Australia has made significant
progress with policies and funding to accelerate its green energy
transition. Yet several contradictions and omissions in these policies—
particularly lack of fossil fuel phase-out, lack of energy efficiency
ambitions, and increasing restrictiveness to cooperation with China
(the world’s green technology leader) should be addressed to increase
Australia’s credibility to transition rapidly to a low-carbon or zerocarbon future, particularly in Pacific countries suffering
disproportionately from climate change.

Accordingly, we developed six recommended actions to accelerate a
just green transition in Australia and the broader Asia-Pacific region:

1. Develop framework for a just transition away from fossil fuels
domestically

2. Establish framework to incentivise energy efficiency gains

3. Develop policy framework for accelerated reduction of fossil fuel
exports

4. Establish high-level bilateral dialogues for accelerated reduction
of fossil fuel trade, for example Australia-China climate policy
dialogue

5. Improve domestic industrial competitiveness through better
industry collaboration

6. Position Australia as a leading regional knowledge partner in
green energy transition


#### CONTENTS

Introduction

Key items of Australia’s green transition policies

Analysis—more green, and no less fossil

Potential Impacts on Asia and the Pacific

Summary and recommendations

Notes and references

#### ABOUT THIS PUBLICATION

This policy brief is a publication of the Griffith Asia
Institute, Griffith University, Queensland that aims
to explore Australia’s green transition policies in
light of the Future Made in Australia Agenda
introduced by Prime Minister Anthony Albanese in
April 2024. The findings, interpretations and
conclusions expressed in this paper are those of
the author(s) and should not be attributed to
Griffith University or affiliated organisations.

For more information, email gai@griffith.edu.au or
visit our website at griffith.edu.au/asia-institute.

© 2024 Griffith University

All rights reserved.

To be cited as: Nedopil, C and Zhang, J, Future
_made in Australia? Evaluating Australia’s 2024_
_green energy related policies and its potential_
_impact on Asia, Griffith Asia Institute, Queensland,_
[Australia, DOI: 10.25904/CETE-QZ51.](https://dx.doi.org/10.25904/CETE-QZ51)


-----

### Key items of Australia’s green transition policies

The Future Made in Australia Agenda

“The Future Made in Australia agenda is targeted to address
the major structural and strategic challenges that the
Australian economy faces.” It aims utilise government financial
support to facilitate private investment in the public interest
particularly in local manufacturing to support Australia’s Net
Zero Transformation Stream.

As a part of the agenda, the Future Made in Australia Office
has been established in the Department of Finance to support

Figure 1 Budgets for Future made in Australia

A$22.7B


_Source: Authors_

Future Gas Strategy

The Future Gas Strategy published on May 9 “maps the
Australian Government’s plan for how gas will support our
economy’s transition to net zero in partnership with the world”.
It is directed by—potentially contracting—six guiding
principles, such as to support Australia’s emissions reduction
goals and the commitment to explore new sources of gas
driven to ensure energy security considerations. They further
aim to support energy affordability and the energy security
concerns of Australia’s trading partners, emphasising
Australia’s reliability in partnerships.[2]


delivery of the Buy Australian Plan and actively support local
industry take advantage of government purchasing
opportunities.[9]

The federal budget allocated A$22.7 billion for 10 years to
implement the Future Made in Australia Agenda. This includes
A$11.4 billion for renewable energy (A$8 billion of which for
hydrogen), A$8.71 billion for critical minerals, A$1.03 billion for
quantum computing and geoscience, A$641 million for
sustainable workforce training and A$189.2 million for
attracting and enabling investment in renewables, including
A$17.3m over four years to take action against greenwashing
and enhance the sustainable finance framework (Figure 1).
Approximately $700 million in the budget remains undisclosed.

The Energy (Renewable Transformation and Jobs)
Act 2024 and Clean Economy Jobs Act Queensland

On April 18, 2024, the government of Queensland, one of eight
sub-national governments, issued The Energy (Renewable
Transformation and Jobs) Act 2024, and the Clean Economy
Jobs Act. Together, one of their major achievements is to set
emission reduction and renewable energy targets for the
Queensland (Queensland contributes 30 per cent of Australia’s
emissions): The Energy Act “lays out a vision for Queensland’s
energy future, provides a clear pathway to clean, reliable and
affordable power for generations, and sets a target of 80 per
cent renewable energy by 2035”.


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To support Australia’s international partners in green transition,
the federal budget allocates:

-  A$76.2 million over five years to strengthen Australia’s
continued engagement in international climate change and
energy transition dialogues, including climate diplomacy
and bids for co-hosting the COP31 with the Pacific.

-  A$150 million over four years in international climate
finance, including A$100 million over three years to fund
small scale climate and disaster resilience projects in the
Pacific and A$50 million over 2 years to the UN Green
Climate Fund.

While the federal budget does not directly invest in fossil fuels,
the Australia Institute estimates that the government provides
A$54 billion through fuel tax credits [15] over five years[16] to the
fossil industry including gas (the state of Queensland received
the highest subsidy on fossil fuels, totalling $1.6 billion in the
2023-24 financial year).[16 ]
### Analysis—more green, and no less fossil

For Queensland and Australia, these acts show commitment to
climate action, job creation, energy security, and economic
prosperity. Queensland State Premier Steven Miles said:

_“Our vision for Queenslanders is to produce cheap,_
_clean, reliable, renewable energy for them, their_
_families, and their businesses. Now, we get on with_
_the job of delivering.”_

However, Australia’s and Queensland’s continued support for
fossil industry seems a contradiction to the green ambitions.
Nationally, the Future Gas Strategy espouses an expansion of
gas fields, while Australia’s budget provides significantly more
fossil-related tax credits scheme than green funding. In
Queensland, despite its new renewable energy targets, the
government has a $21 million initiative to unlock significant gas
resources in the Bowen and Galilee basins.[17] It also set aside
the $520 million of its budget for the Low Emissions
Investment Partnership (LEIP) [18] that supports the metallurgic
coal industry with the goal to reduce emissions from mining.[19]
Queensland also set aside AU$1.5 billion in the 2023-24
budget for electricity bill support to Queensland households
and small businesses—effectively undermining energy
efficiency incentives.

Overall, the policies suggest Australia’s desire to become a
renewable energy powerhouse through expansion of
renewable energy production and manufacturing of related
technologies. However, they do little to reduce Australia’s
reliance on fossil fuel mining or exports (which contribute to
about 23 per cent of Australia’s export value). They also do
little to improve energy efficiency and set clearer financial
incentives for private sector investments (apart from the
possibility to deliver government co-finance).

This inconsistency could also impact the government's
credibility in international climate dialogues and negotiations.
Consider Australian's bid for COP 31 with the Pacific[20], if

|Queensland emissions reduction target:|Renewable energy use:|
|---|---|
|30% below 2005 levels by 2030 75% below 2005 levels by 2035 net zero emissions by 2050|50% by 2030 70% by 2032 80% by 2035|


Notably, Queensland has surpassed its 2030 emissions
reduction target, achieving a 35 per cent reduction since 2005
according to the latest 2022 data. [10]

An important aspect of the Energy Act includes mandates for
public ownership targets of energy assets, supported by
reporting and review mechanisms for accountability. These
targets are aimed at completion by 2035 and encompass:

-  at least 54 per cent of generation assets

-  100 per cent of transmission and distribution assets

-  and 100 per cent of deep storage assets

Another aspect of the Energy Act is the mandate to develop
the Queensland SuperGrid Infrastructure Blueprint [11] to
support transmission of electricity from production to
consumption locations, which must outline:

-  potential renewable energy zones[12] across Queensland

-  proposed alternations to operations of government-owned
coal-fired power stations

If a project fits the optimal infrastructure pathway outlined in
the Blueprint, it can be designated a Priority Transmission
Investment. Once designated, the Minister must instruct
Powerlink, the state-owned utility company, to proceed with
construction. This would be an extension of the Queensland
Renewable Energy Zone Roadmap issued in March 2024 that
aims to connect 22 GW of renewable energy to the grid.[13]

The Energy Act further sets up governance and advisory
bodies to ensure a coordinated energy transformation that
prioritises workers and communities. These include
Queensland Energy System Advisory Board, Energy Industry
Council and Queensland Renewable Energy Jobs Advocate.
Additionally, the Act creates the Job Security Guarantee Fund
to support affected energy workers through training and
employment opportunities. Meanwhile, the Clean Economy
Jobs Act establishes a Clean Economy Expert Panel to advise
the Queensland government on achieving the emissions
reduction targets and ways to reduce greenhouse gas
emissions in Queensland. Information who would be part of the
panel was not available but would be decided by the Minister.

Federal budget on climate change and resilience

On May 14, 2024, Australia’s Treasurer delivered the federal
budget. Apart from the A$22.7 billion for the Future Made in
Australia Agenda, the budget allocates significant funds
related to Australia’s green transition. This includes A$519.1
million from the Future Drought Fund for climate change
impact management targeted at farmers and rural
communities, A$23 million for circular economy initiatives, and
A$138.7 million for disaster resilience. [14]


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Australia promotes clean energy while expanding fossil fuel
production (mostly for export). Such inconsistency may hinder
trust and collaborative efforts towards global climate goals as
well.
### Potential Impacts on Asia and the Pacific

For Asia and the Pacific, Australia’s recent policies send
important signals for trade, investment and research
cooperation on green transition.

Trade

Australia’s and Queensland’s ambitions to expand green
energy production could increase demand for renewable
energy products and components such as solar panels, wind
turbines, and energy storage systems from the region. These
products are often bought on a cost per MW basis and thus
many buyers would look for the most price competitive
product. Over the past years, China has become the major
producer of these products controlling about 80 per cent of
global trade in these products[21]. If Australia’s trade relations
with China remain unimpeded (e.g., unlike US-China relations),
this could mean a boost of Chinese exports to Australia. If
Australia looks beyond China for these products (e.g., to
reduce reliance on Chinese products), this could create new
opportunities for other Asian countries, such as South Korea
and Japan that have existing export potentials, albeit at higher
cost for Australia. Furthermore, it could open opportunities for
other less developed Asian economies with lower labour cost,
many of which are expanding solar and battery production with
support of Chinese partners (e.g., Vietnam, Malaysia,
Indonesia).

At the same time, current policies seem to have little impact on
Australian exports of fossil fuels. This seems—at first glance—a
concession also to main trading partners such as Japan, South
Korea and Singapore that have raised concerns regarding the
potential implications of Australia’s policies aimed at
transitioning from fossil fuels to green energy and supporting
natural gas reserves for domestic manufacturing[22]. It is also a
concession to the existing fossil industry, which has
contributed nearly A$220 billion in exports (30 per cent of
total) in the 2022-2023 financial year.[23] The newly released
Future Gas Strategy has allayed these concerns by affirming
that gas will remain integral to Australia's energy and export
sectors beyond 2050.

Investment cooperation

Significant opportunities exist for Asian partners in direct
investments and joint ventures in Australia in mining of critical
resources, processing local materials like lithium, cobalt and
manganese, and adding value through onshore manufacturing
of green energy products. Currently, Australia’s exports focus
on commodities due to its benefit of natural resource
endowments. Meanwhile, its green manufacturing sector has—
at this time—not led to significant economic contributions. A
key aspect for Australia to develop and manufacture regionally
and globally competitive products and services would be


cooperation with technology leaders. Accordingly, this sector
would benefit from a reinforcement of partnerships and
bilateral/multilateral agreements across the Asian region
including with China as a technology leader across a range of
products.

However, with the Australian government’s aim to secure
future foreign investment in critical industries from trusted
countries and companies, investments and partnership with
Chinese partners might be impeded. Recent reforms to the
Foreign Investment Review Board (FIRB) and the updated
Foreign Investment Policy document issued in May 2024
aimed to streamline approvals for familiar investors while
strengthen screening for higher-risk applications. Despite
Treasurer Jim Chalmers denying targeting China, scepticism
remains.[24] This development, while not favourable for Chinese
investors (Chinese investment in Australia in 2023 has
declined to the second lowest level since 2006[25]), presents
opportunities for other Asian countries such as Japan and
Singapore investors. For instance, a Singapore developer
reveals 1 GW solar farm plan for north Queensland on April 29,
2024.[26]

Another investment cooperation opportunity has been created
in March 2024 by the A$2 billion fund aimed at promoting
trade and investment in Southeast Asia that focuses on clean
energy and infrastructure development.[27] The fund, although
not huge in scale, holds the potential to stimulate economic
growth, facilitate the transition to renewable energy, and
address critical infrastructure needs in Southeast Asia, while
more importantly, to unlock economic opportunities for
Australian businesses, enhance diplomatic relations with the
region.

Research and policy

Research collaboration with universities and the private sector
are important aspects to improve skills and capacity in
Australia as well as in Asia and Pacific partner countries. The
Universities Accord, a plan to develop Australia’s higher
education system released in February 2024, highlights the
need for upskilling Australia in critical technologies (including
green technologies). The Accord specifically highlights that
collaboration with Australia’s Asia-Pacific neighbours “can be
achieved without compromising national security” by focusing
on “regional priorities, such as readiness for climate extremes,
food security in a changing climate”[28].

Accordingly, significant opportunities exist in concept and in
smaller scale for example in green policy, green hydrogen,
efficient transmission, mining, and in materials (as long as they
are not considered defence-relevant). With Australian
government for research collaboration being considered
insufficient, particularly industry-research institution
collaborations also across Asia and Pacific are providing
significant opportunities.


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### Summary and recommendations 

The Australian Government has upped its green energy
ambition, targeting significant reductions in carbon emissions
and an increased adoption of renewable energy sources.
However, the simultaneous expansion of the natural gas sector
introduces complexities that require careful management to
ensure coherence and sustainability in the nation’s energy
strategy and its collaboration with its Asia and Pacific partners.

Accordingly, the following recommended actions aim to further
accelerate Australia’s credible green transition together with its
Asia and Pacific partners.


RECOMMENDATION 3

Develop policy framework for accelerated reduction
of fossil fuel exports

Australia should develop a policy framework for accelerated
reduction of fossil fuel export, which is the backbone of its
exports. Australia should gain insights from other partners
which have successfully transitioned away from coal
exports (e.g., USA, German). This should include the
development of alternatives with a clear timeline that
entices investors and other stakeholders to find alternatives
to fossil fuel investments, while allowing for just transition
within less than a generation.

RECOMMENDATION 4

Establish high-level bilateral dialogues for
accelerated reduction of fossil fuel trade, for
example Australia-China climate policy dialogue

Australia should develop high-level dialogues with key fossil
fuel trading partners. Currently, both Australia and its
partners rely on fossil trade (Australia has been the world’s
largest coal exporter for decades contributing about 30 per
cent of global trade). However, to achieve a net-zero world,
fossil fuel reliance globally must be reduced to zero.
Accordingly, a coordinated approach is required between
Australia and its trading partners. An example could be a
high-level climate dialogue between China and Australia
(China receives most of its coal and significant portions of
LNG from Australia) similar to the US-China dialogues.


RECOMMENDATION 1

Develop framework for a just transition away from
fossil fuels domestically

Australia should develop a comprehensive energy transition
framework with clear milestones for transitioning away from
utilising fossil fuels domestically. This framework should
define short, medium, and long-term goals aligned with
Australia’s net-zero emissions target, setting specific
timelines for reducing reliance on natural gas while
increasing the share of renewable energy in the national
grid. Enhanced regulatory and policy measures should be
introduced to gradually phase out fossil fuel subsidies and
redirect financial support towards clean energy innovations.
Prioritising this integrated approach will align Australia’s
energy goals with its climate commitments, ensuring a
sustainable and economically viable future.


RECOMMENDATION 2

Establish framework to incentivise energy efficiency
gains

Reducing energy consumption is a key consideration in a
green energy transition. Australia’s energy use per unit of
GDP is among the worst of the OECD countries (even worse
than the United States) with 54 per cent more energy use
per unit of GDP compared to Germany. Recent policies have
not addressed energy efficiency in Australia but continue to
provide subsidies for energy use. Improving energy
efficiency would require a reversal of these actions with a
focus on policies and financial support for energy efficiency
investments. These could focus on smaller and medium
sized enterprises as well as households most impacted by
electricity price fluctuations.


-----

RECOMMENDATION 6

Position Australia as a leading regional knowledge
partner in green energy transition

Australia has a unique opportunity to position itself as a
leading knowledge partner in driving the green energy
transition across the Asia-Pacific region. By leveraging its
existing research collaborations with top Asian universities
and institutions, Australia can facilitate cross-institutional
knowledge sharing platforms and mobility programs to
promote collaboration between researchers on green
economy solutions. Initiatives like the CSIRO's partnerships
with agencies like Singapore's A*STAR can deepen regional
science and innovation ties relevant to sustainability
challenges.

Furthermore, Australia should capitalise on its
comprehensive strategic partnership with ASEAN to share
knowledge and advance collaborative areas that build the
skilled workforce required for the energy transition.
Establishing dedicated training facilities and qualifications,
following examples like the Asia Pacific Renewable Energy
Training Centre, can upskill workers for the renewable
energy industry across Southeast Asia and Australia.
Combining Australia's renewable energy capabilities with
Southeast Asia's strong manufacturing base can establish
integrated clean energy industrial systems and green
economy supply chains across the two regions.


RECOMMENDATION 5

Improve domestic industrial competitiveness
through better industry collaboration

Australia should ensure its green industry is competitive not
only in Australia (through a likely more expensive “buy
Australian” policy), but through efficient manufacturing
processes and technological leadership. This will allow
Australian made products to be sold across the region and
compete with the currently leading manufacturers (often
Chinese). Accordingly, such a competitive industry will allow
for more job creation in Australia.

A key aspect for competitiveness will be technological and
financial collaboration, not least through joint ventures with
leading technology partners. A key consideration for short
term collaboration will be to strengthen collaboration with
Chinese technology leaders in green technology. In the
longer term, industry collaboration with other technology
leaders in Japan, Korea and other Asian countries should
build capacity for more value-adding and technology
leading products and services. Collaboration will allow
Australian partners to get access to current best practices,
while building capacity for future green product
development and manufacturing. Leveraging the
advancements in green technology and advanced
manufacturing achieved by countries like China can
expedite Australia's transition process, ensuring both rapid
progress and cost-effectiveness. This strategic alliance will
be instrumental in enabling Australia to attain its energy
objectives with greater expediency and efficacy.


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### Notes and references

1 A Future Made in Australia | Prime Minister of Australia’,
11 April 2024, 7, https://www.pm.gov.au/media/futuremade-australia.

2 Department of Industry Science and Resources, ‘Future
Gas Strategy | Department of Industry Science and
Resources’, Strategy or plan,
https://www.industry.gov.au/node/93472, 9 May 2024,
https://www.industry.gov.au/publications/future-gasstrategy.

3 Energy (Renewable Transformation and Jobs) Bill 2023

-  Queensland Legislation - Queensland Government’, 7,
accessed 20 May 2024,
https://www.legislation.qld.gov.au/view/html/bill.first/bil
l-2022-053.

4 Clean Economy Jobs Bill 2024 - Queensland Legislation

-  Queensland Government’, 7, accessed 20 May 2024,
https://www.legislation.qld.gov.au/view/html/bill.first/bil
l-2023-076.

5 Queensland’s 2035 Clean Economy Pathway75% by
203.Pdf’, accessed 20 May 2024,
https://www.epw.qld.gov.au/__data/assets/pdf_file/00
28/48493/queensland-2035-clean-economypathway.pdf.

6 Australia’s Foreign Investment Policy.Pdf’, accessed 20
May 2024,
https://foreigninvestment.gov.au/sites/foreigninvestme
nt.gov.au/files/2024-04/australias-foreign-investmentpolicy.pdf.

7 Budget 2024-25’, accessed 20 May 2024,
https://budget.gov.au/content/03-future-made.htm.

8 Fossil Fuel Subsidies in Australia 2024’, The Australia
Institute, 13 May 2024,
https://australiainstitute.org.au/report/fossil-fuelsubsidies-in-australia-2024/.

9 Buy Australian Plan | Department of Finance’, accessed
20 May 2024,
https://www.finance.gov.au/business/buyaustralianpla.

10 Our Climate Action Plan’, accessed 20 May 2024,
https://www.energyandclimate.qld.gov.au/climate/actio
n-plan.

11 Queensland SuperGrid’, accessed 20 May 2024,
https://www.energyandclimate.qld.gov.au/energy/ener
gy-jobs-plan/about-plan/queensland-supergrid.

12 Queensland Renewable Energy Zone Roadmap’,
accessed 20 May 2024,
https://www.energyandclimate.qld.gov.au/energy/rene
wable-energy-zones.

13  ‘The REZ Roadmap’, accessed 27 May 2024,
https://www.energyandclimate.qld.gov.au/energy/rene
wable-energy-zones/rez-roadmap.

14 Bp2_2024-25.Pdf’, accessed 20 May 2024,
https://budget.gov.au/content/bp2/download/bp2_202
4-25.pdf.

15 Australian Government Australian Taxation Office, ‘Fuel
schemes’, Content, accessed 20 May 2024,
https://www.ato.gov.au/businesses-andorganisations/income-deductions-andconcessions/incentives-and-concessions/fuelschemes.

16 P1543-Fossil-Fuel-Subsidies-2024-FINAL-WEB.Pdf’,
accessed 20 May 2024,


https://australiainstitute.org.au/wpcontent/uploads/2024/05/P1543-Fossil-fuelsubsidies-2024-FINAL-WEB.pdf.

17 Business Queensland, ‘Frontier Gas Exploration Grants
Program’, 8 November 2023,
https://www.business.qld.gov.au/industries/miningenergy-water/resources/geoscienceinformation/exploration-incentives/frontier-gas.

18   ‘LEIP_External_Program_Guidelines.Pdf’, accessed 27 May
2024,
https://s3.treasury.qld.gov.au/files/LEIP_External_Program_Gu
idelines.pdf.

19 ‘Low Emissions Investment Partnerships’, Queensland
_Treasury (blog), accessed 20 May 2024,_
https://www.treasury.qld.gov.au/investment/investment
-programs-and-support/low-emissions-investmentpartnerships/.

20 Australia Hopes to Co-Host COP31 but Do We Have
What It Takes? | Lowy Institute’, accessed 20 May
2024,
https://www.lowyinstitute.org/publications/australiahopes-co-host-cop31-do-we-have-what-it-takes.

21 Jing Zhang and Christoph Nedopil, ‘China Green Trade
Report 2023’ (Griffith University, 2024),
https://doi.org/10.25904/1912/5221.

22 Economic Diplomacy: Japan’s Message in a Gas Bottle |
Lowy Institute’, accessed 20 May 2024,
https://www.lowyinstitute.org/theinterpreter/economic-diplomacy-japan-s-messagegas-bottle.

23 Address to the National Press Club | PM&C’, 2 April
2024, https://www.pmc.gov.au/news/addressnational-press-club.

24 Chinese Investment Critical to Reach Net-Zero Goals’,
Australian Financial Review, 1 May 2024,
https://www.afr.com/politics/federal/chineseinvestment-critical-to-reach-net-zero-goals20240501-p5fo3w.

25 Chinese Investment in Australia Falls to Second Lowest
Level since 2006 - The University of Sydney’, accessed
20 May 2024, https://www.sydney.edu.au/newsopinion/news/2024/04/08/chinese-investment-inaustralia-falls-to-second-lowest-level-sin.html.

26 Singapore Developer Reveals 1 GW Solar Farm Plan for
North Queensland’, pv magazine Australia, 29 April
2024, https://www.pv-magazineaustralia.com/2024/04/29/singapore-developerreveals-1-gw-solar-farm-plan-for-north-queensland/.

27 ‘$2 Billion Investment Facility to Support Business
Engagement with Southeast Asia | Prime Minister of
Australia’, 5 March 2024,
https://www.pm.gov.au/media/2-billion-investmentfacility-support-business-engagement-southeast-asia.

28 Australian Government Department of Education,
‘Australian Universities Accord Final Report Document’,
25 February 2024,
https://www.education.gov.au/australian-universitiesaccord/resources/final-report.


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ABOUT THE AUTHORS

Christoph Nedopil

Christoph Nedopil Wang is the Director of the
Griffith Asia Institute and a Professor of
Economics. He is also a Visiting Faculty at
Singapore Management University (SMU) and
Fathia International School of Finance (FISF),
Fudan University. Christoph engages in research related to green
and sustainable finance, as well as development economics. He
regularly provides advisory to governments, financial institutions,
enterprises, and civil society to advance the application of
sustainable finance and development practices. Christoph also
serves on several boards with a focus on scaling sustainability in
businesses and finance. He has published numerous peerreviewed articles in various high-ranked journals including
Science and has published four books with translations in multiple
languages.

Christoph holds a Master of Engineering and a PhD in Economics
from the Technical University Berlin, as well as a Master of Public
Administration from Harvard Kennedy School. Christoph is a
regular contributor to policy, finance and business debates on
sustainable finance and development in Asia. He is quoted
regularly in Financial Times, The Economist, Bloomberg, Reuters,
Science, and other major outlets.

Jing Zhang

Jing Zhang is a Research Fellow currently
working jointly at the Griffith Asia Institute and
the University of Queensland. She is an
agricultural economist with a diverse range of
expertise encompassing farming systems,
natural resource management, agricultural policy and the
international trade. She has developed advanced skills in
statistical, market and policy analysis, coupled with extensive
experience and valuable connections within the Chinese
agricultural sector. In her current role at Griffith Asia Institute, she
is focused on acquiring expertise in green finance under the
supervision of Christoph.


ABOUT THE GRIFFITH ASIA
INSTITUTE (GAI)

Griffith Asia Institute (GAI) is an internationally
leading partner for an inclusive, sustainable and
prosperous Asia-Pacific. We build capacity and
create positive impact through partnerships in
sustainable economics and business, politics,
international relations, security, and inclusive
development.

Founded more than 25 years ago, GAI has 130
members and is the largest institute of Griffith
Business School at Griffith University.

griffith.edu.au/asia-institute


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#### Griffith Asia Institute

Griffith University Nathan campus
Nathan Queensland 4111, Australia

**Email: gai@griffith.edu.au**

##### griffith.edu.au/asia-institute


CRICOS No. 00233E  |  TEQSA - PRV12076


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