5 minute read 9 Nov. 2020
ey-man-standing-on-beach-looking-at-the-sunset

How will Australia’s recovery help us reframe for a cleaner, more prosperous future?

By EY Oceania

Multidisciplinary professional services organization

5 minute read 9 Nov. 2020

The transport, energy and resources sectors will continue to play a critical role in Australia’s economic recovery, through energy transformation and project investment. 

As an essential service, mining has already made a significant contribution to bolster economies and Government revenues during COVID-19, generating jobs and paying royalties and taxes. The Reframe Your Future Series, hosted by Natarsha Belling, interviews some of Australia’s most high-profile and dynamic business leaders about how they are reframing their futures, both personally and professionally, including Fortescue Metals Group CEO, Elizabeth Gaines.

When asked about her organisation’s role in economic recovery, Gaines says, “Fortescue has a part to play, and the mining industry has a part to play working closely with government, because I actually think the recovery will be led by investment; and investment will lead to job creation.”

Are you reframing your future, or is the future reframing you?

Join Natarsha Belling in the Reframe Your Future Series and hear from business and government leaders as they look at life beyond COVID-19.
 

With infrastructure stimulus around the world likely to trigger stronger global demand for most commodities, the mining industry’s contribution will only grow. However, this is dependent on mining’s ability to better manage their licence to operate, and on investment in digital and technology solutions to boost productivity.

Meanwhile, the transport industry is already being reframed through rapid advancements in technology. Organisations that tap into the potential of data and analytics, AI and automation will shape future mobility for the benefit of both individuals and the transport network, whether through autonomous vehicles or the use of data and on-demand solutions.

Transport is also shifting towards decarbonisation. By 2050, the percentage of low or zero emission vehicles in the Australian fleet is forecast to reach 60% — up from under 1% today.

With the NSW government setting a target of zero emissions by 2050, Elizabeth Mildwater, Deputy Secretary, Greater Sydney, Transport for NSW says her organisation is now moving towards green energy generally and transforming to a zero emissions fleet.

Talking about economic recovery in her interview for the Reframe Your Future Series, Mildwater acknowledges the role of government, including the importance of maintaining a pipeline of projects. 

Even from day one of COVID we understood we had a dual role - keeping the services going, so we’re keeping things going and ready for recovery; but very quickly government turned into our role in stimulating the economy.
Elizabeth Mildwater
Deputy Secretary, Greater Sydney, Transport for NSW

In the energy sector, AGL CEO, Brett Redman, says recovery is about giving people confidence in the continuity of essential services, a safety net in a time of hardship, and exploring different ways to source energy for business and individuals.

Simultaneously, there’s a shift to decarbonising business models to meet changing expectations. Redman believes the conversation about carbon will continue to accelerate globally. By the middle of this century, he sees Australia being an “energy superpower” on the back of renewables, with AGL following a mantra of “decentralised, digitised and decarbonised”.

New carbon removal solutions can actually reverse carbon emissions and secure competitive advantage, not only by getting ahead of regulations, but by generating consumer goodwill and capturing value from a $6 trillion market for products with carbon inputs. Flipping the script on carbon by turning it into a source of value, takes recovery to an ambitious new level and demonstrates how organisations can play an active role to reframe for a cleaner, more prosperous future.

Summary

The transport, energy and resources sectors have a pivotal role to play in Australia’s recovery post COVID-19. As all industries face up to rapid change and economic uncertainty, leaders must harness technology at speed and drive innovation at scale, while ensuring humans are put firmly at the centre of every initiative. It’s time to ask, are you reframing your future, or is the future reframing you? Please join the conversation.

About this article

By EY Oceania

Multidisciplinary professional services organization