GrainCorp has today welcomed the Federal Government’s launch of a consultation process on the incentives needed to kickstart an Australian renewable fuels industry.
The announcement was made today by the Hon. Catherine King MP at GrainCorp’s Carrington terminal at the Port of Newcastle, NSW.
The consultation, A Future Made in Australia: Unlocking Australia’s low carbon liquid fuel opportunity, is one of several measures announced in the 2024 Federal Budget to support the establishment of a low carbon liquid fuel refining industry in Australia.
GrainCorp Managing Director and CEO Robert Spurway said the consultation is further recognition from the Government of the crucial role that Sustainable Aviation Fuel (SAF) and renewable diesel play in decarbonising the Australian transport sectors.
“The Government’s launch of this consultation process will ensure we capture crucial industry knowledge and feedback to establish a renewable future in Australia,” he said.
“This in turn will provide Australian growers, domestic feedstock supply chains and SAF refiners with the confidence to invest and build capacity to decarbonise our transport sectors.”
The consultation complements a broader budgetary commitment of the $22.7 billion Future Made in Australia package, which will help to accelerate investment and commercialisation of renewable initiatives in priority industries.
Mr. Spurway emphasised the strategic importance of the consultation for both GrainCorp and the broader agriculture industry.
“As the demand for renewable fuel feedstocks and SAF continues to grow, it presents a unique opportunity for Australia to make the most of its comparative advantage in agriculture capability, sustainable farming practices and land availability.”
GrainCorp CEO Robert Spurway
“GrainCorp is a leading supplier of feedstocks like tallow, vegetable oils and used cooking oils, and we’ll contribute our expertise to this consultation, as we look to expand our canola seed crush capacity to support the growth of this industry.
“We’re working closely with IFM Investors on our feasibility study into domestic crop-based fuel production, including the policy frameworks required to establish this exciting new opportunity for Australian growers.
“With the right incentives in place, a local SAF industry would onshore a valuable market for canola growers and feedstock producers, who are already exporting our surplus homegrown materials overseas for refining into biofuels.”
GrainCorp and IFM Investors are working closely with State and Federal Governments, as well as the Jet Zero Council and major Australian airports, to support the policy solutions needed to enable investment and deliver jobs in this new value-add industry.
For more details, read the Department of Infrastructure, Transport, Regional Development and Local Government’s media release, titled ‘Have your say on a future made in Australia: unlocking Australia’s low carbon liquid fuel opportunity.’
About GrainCorp
GrainCorp is an integrated grain and edible oils business with a market leading presence as the largest grain storage and handling business in ECA and the number one edible oil processor and oilseed crusher in Australia and New Zealand. Over its 100+ year history, GrainCorp has created a global supply chain with high quality infrastructure assets that store, process and facilitate the transportation of grains and edible oils. For future details, please visit the Investors & Media section of our website at www.graincorp.com.au
