Staff writers
FRESH economic modelling shows there would be more than 36,100 new jobs in the Latrobe Valley under a net-zero economy by 2050.
Modelling from the Centre of Policy Studies at Victoria University compared both a business–as-usual scenario and a transition to net-zero emissions by 2050.
It showed most regions across Victoria would experience higher economic and jobs growth, with Hume, Ballarat and the south west to benefit the most.
The Valley is forecast to benefit with another 36,100 new jobs, growth would still be expected, but at a lower rate compared to the business-as-usual scenario.
Report author Philip Adams said the cost of transitioning the economy to net zero has plummeted by 80 per cent in the past eight years.
This was due to the rapid decline in the cost of renewables, electric vehicles, and emerging new green technologies.
Professor Adams said that while the modelling showed an economic benefit or neutral effect on most of Australia, government support and transition strategies were needed for some regions.
“Governments need to properly plan, resource and invest in regions like the Latrobe Valley to attract renewable energy industries, new green industries and invest in retraining and upskilling the workforce,” he said.
“Not having these strategies or delaying the transition means the pain will be felt greatest in these regions with large coal, gas and petroleum industries.”
The modelling takes a conservative approach and is based on today’s technology and industries, and would require government policy intervention.
Some sectors including forestry and renewables would experience economic and jobs growth, with forestry set to grow at 93 per cent largely due to bio-sequestration.
