CME Chief Executive Rebecca Tomkinson said the injection of $60 million to the IAF and $74 million to the WA Government’s sectoral emissions reduction strategies were positive steps towards industry, government, the community and businesses working collaboratively on mapping out a net zero future.  

However, she said in the lead up to the WA Energy Transition Summit, CME was again calling for action from the WA Government to lay the groundwork and outline a clear plan for this transition. 

“I’ve said before that the path to net zero runs through WA. I’d go so far as to say there is no net zero without WA,” Ms Tomkinson said.

“We have the resources, critical minerals and rare earths to meet global demand at scale, but governments must work with industry to ensure the pathways are clear for project development.

“The $60 million IAF New Energies Industries round is a welcome step to encourage investment in projects such as critical mineral and rare earth processing, renewable energy technologies and emissions capture. However, further investment by the WA Government will be required, most critically to provide certainty of access to low emissions, affordable and reliable energy but also in unlocking further project ready land. 

“If the WA Government can attract investment in the sorts of projects that will see us meet global demand – and at the same time remove red tape, create a more efficient approvals process and clarify regulatory framework for the industry – WA will be well positioned to leverage the incredible opportunities presented by the energy transition.”

Ms Tomkinson said the addition of $74 million into the WA Government’s sectoral emissions reduction strategies would hopefully support emissions reduction pathways across the WA economy.  

“The industry – and the community in general – wants to see the map. They want to know how the WA Government will navigate the energy transition and what we all need to do to achieve 2030 and 2050 net zero targets,” she said.

Media contact: Natasha Mutch
0435 383 382
n.mutch@cmewa.com

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CME Chief Executive Rebecca Tomkinson said WA’s continued status as an economic powerhouse for the nation was testament to the resources sector’s strength in providing what was required to advance a global energy transition.

“We can clearly see from the data that global trends towards electric vehicles, sustainable energy production and storage, and sustainability have made an impact on demand for resources, and the sector is responding,” she said.

“WA’s iron ore continues to be highly sought after, with record production resulting in $125 billion in sales.

“For the first time in eight years, lithium sits above gold, ranking second as our most valuable mineral with a record $21 billion in sales.

“Nickel sales also remained around their previous high recorded in 2022 at $5.7 billion, along with alumina, mineral sands, manganese and cobalt, gold and salt. All these are minerals are at the centre of the low carbon economy.

“Renewable energy production and the energy transition will be driven by precisely the sorts of critical minerals that WA produces.”

Ms Tomkinson said that as the world raced towards a low-carbon economy, there would inevitably be an associated increase in the consumption of the raw materials that the WA resources sector was able to extract, process and supply.

“To produce wind turbines for energy production, for example, you need access to bauxite,  cobalt, copper, iron ore, zinc and silica,” she said.

“Electric vehicles mean a reduced reliance on fossil fuels but it takes lithium, nickel and cobalt to produce EV batteries. Similarly, gallium is used in photovoltaics and indium is an important component for making touch screens, flatscreen TVs and solar panels.”

Ms Tomkinson said that while it was pleasing to see exploration expenditure remain around the previous high recorded in 2022, more needed to be done to attract increasingly mobile global capital.

She warned that urgent action was required to address lengthy and duplicative approvals processes to address a reduction in the investment pipeline, with the value of projects under construction or committed dropping by approximately $5 billion relative to March 2023.

“Western Australia is in a unique position. We have the critical minerals and resources the world is demanding, plus the capacity to ensure the recovery, processing and supply of those minerals is sustainable and ethical,” she said.

“However, as outlined in our recent 2024-25 State Pre-Budget Submission, it is vital we get the policy and fiscal settings right or we could easily see continued deceleration of our project development pipeline. Competitive costs, efficient and non-duplicative regulatory approvals processes, project ready land and access to low emission, reliable and cost-competitive energy will be critical.”

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CME advocated for this outcome in its submission to the Senate Education and Employment Committee’s Inquiry into the Bill in September, and in its appearance at a public hearing of the Inquiry in early October.

CME Chief Executive Rebecca Tomkinson said passing the important and uncontroversial parts of the Bill was common sense and it now remained for industry and government to consult on the remaining aspects of the Bill.

“CME’s position continues to be that the remaining aspects of the Bill need to be withdrawn and substantially rewritten following genuine consultation,” she said.

“State and federal governments are keen for Australia to seize the opportunity to provide the minerals and energy our country and the world need to decarbonise, and yet some aspects of regulation and policy seem at odds with that objective.

“The current pace and quantity of federal reforms across areas including climate, environment, tax and industrial relations is substantial, and without genuine consultation and careful implementation, risks investment and jobs in Australia.”

Ms Tomkinson said regulatory uncertainty and inefficiency creates investment risk, which could hinder Western Australia and Australia’s ability to take advantage of significant opportunities to continue to deliver the resources required for a green transition. 

“Western Australia and our nation more broadly is poised to play a key role in the transition, with significant opportunities across the critical mineral value chain.  A stable regulatory environment is critical to making sure we don’t miss out on the next wave of investment,” she said.

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