News
CRCs leading the way to Net Zero goals, generating billions in value for all Australians
August 20, 2024
Future Fuels CRC celebrates today’s launch by Cooperative Research Australia (CRA) of their independent study that confirms the venerable Cooperative Research Centres (CRC) Program is generating billions of dollars in C02 abatement outcomes and decarbonisation-focused economic activity, creating thousands of jobs by unlocking substantial private sector R&D.
The report, undertaken by ACIL Allen, showcases the contribution of 13 CRCs/post-CRCs who are directly or indirectly supporting Australia’s decarbonisation goals.
“Australia’s globally renowned CRC Program is at the forefront of efforts to achieve our ambitious climate change targets, with more than $1 billion of private and public investment in research and development to help Australia reach Net Zero by solving gnarly industry problems.” said Jane O’Dwyer, CEO of CRA.
ACIL Allen estimates that this investment, which is only a subset of the full CRC investment, will generate an estimated $4.8 billion in additional economic output for Australia, $3.3 billion in cumulative undiscounted CO2 abated, and thousands of jobs, from 2017-2032.
“These CRCs have extraordinary reach throughout the economy, bring together over 1,600 partners and project participants across research, industry and government, with links into more than 18 countries across Europe, the America, Asia and Oceania.
“The CRC model provides a well-established mechanism for unlocking private-sector R&D investment and fostering productive industry-research collaboration. That co-investment with industry, and collaboration across industry and research, is critical to Australia being able to
meet its decarbonisation goals.
“But, there is still significant work to be done if we are to reach these ambitious climate targets. CRCs provide important national capacity that is readily scalable to accelerate change and innovation. With relatively little additional Federal investment and increased flexibility, the CRCs can supercharge our decarbonisation efforts across a huge breadth of sectors from concrete to transport, from heavy industry to future fuels, from the oceans to
finance,” Ms O’Dwyer added.
The report, titled Mapping and quantification of CRCs’ work on decarbonisation, forecast that
the contribution of this group of 13 CRCs over 2017-2032 will:
- Generate substantial economic activity: an increase of $4.8 billion in Australia’s
economic output (GDP) - Raise economic welfare across Australia: an increase of $1.7 billion to Australia’s
real economy as a result of industry-led decarbonisation research and innovation. - Create significant employment opportunities: 3,705 job years to 2032 are
delivered (an average of 265 FTE jobs years per year). - Provide significant value for money: $5.80 generated in additional economic
output (GDP) for every dollar of investment and in-kind contributions.
“Decarbonisation is a highly complex global issue with a wide array of policy, market, and social considerations at play,” Ms O’Dwyer said. “What we can clearly see is that the extent to which CRCs are helping propel Australia towards a sustainable, prosperous, and decarbonised future; one where Australia realises its emissions goals.”
CRCs a ready-made solution
Chair of the study’s Steering Committee and initiator of the project, CRC TiME CEO, Dr Guy Boggs, said CRCs represent an important lever to support more rapid progress toward Australia’s decarbonisation goals.
“CRCs provide an effective and flexible mechanism for stakeholders from different sectors to work together, leverage their collective expertise, and address complex challenges through collaboration and strategic investment in delivery, translation and commercialisation of research,” Dr Boggs said.
“The CRC model is a ready-made solution that is already delivering significant impact. Mobilising this collective capacity is an immense opportunity, with additional and more flexible funding models needed to help further drive this collaboration across CRCs to deliver even more benefits for the Australian economy as we transition to Net Zero.”
View the Report, Fact Sheet and Case Studies Booklet on the project website at
www.cooperativeresearch.org.au/policy-advocacy/decarbonisation/