Australia is ready to become a supplier of renewable energy, and Europe is to become a key offtaker. In fact, the EU and Australia would benefit from a ”substantial and comprehensive partnership”, said Australian Minister for Climate Change and Energy Chris Bowen Monday during an event at the Centre for European Policy Studies as part of his visit to Brussels

According to media Euroactiv, he highlighted Australia’s large volumes of raw materials such as rare earth elements and critical minerals integral to such efforts, especially in Europe.

”Australia is renewable energy-rich, and we are capital hungry, and European investment in Australian renewables is very welcome,” said Bowen during the event, according to Euractiv.

In 2017, the EU and Australia signed a framework deal which came into force in October 2022, aimed at strengthening bilateral cooperation on energy efficiency, renewable energy sources and climate adaptation.

Australia still has a long way to go in terms of the energy transition. Fossil fuels still accounted for 71% of electricity generation in 2021, divided between 51% for coal and 18% natural gas.

Canberra’s ambition is to reduce CO₂ emissions by 43% by 2030.