AT home and abroad, Australia is taking rapid action to advance the transition to clean energy, with ambitions to become a renewable energy superpower.sets out a blueprint to increase two-way trade and investments with the region, and will guide our economic engagement with the Philippines in the coming years.
And with the Philippines aiming for renewable energy to generate 50 percent of electricity by 2040, we have a shared interest in building our trade and investment and partnering with the private sector to make our economies greener. Technologies such as offshore wind and green hydrogen—which Australia is making headways on—will be important parts of this effort for both our countries.
We are well on the way to achieving our own national target of net-zero emissions by 2050, and 82 percent renewables by 2030. And, to make sure it is economic to store clean energy for when it is needed, we are investing in batteries, pumped hydro and hydrogen. Through practical measures in the Southeast Asia Economic Strategy to 2040, Australia is working to increase two-way trade and investment with the Philippines in the renewable energy sector, and there are already promising signs that this is an area of growth between our two countries.