Global decarbonisation efforts could put almost 300,000 Australian jobs associated with coal, oil and gas exports at risk.
New research by the Centre for Policy Development (CPD) estimates that AUD$50 billion (£26.3bn) of annual output could also be impacted by 2050 net zero plans.
Queensland’s Bowen Basin which contains the largest coal reserves in Australia is among the areas which would be “particularly affected” according to the report.
The research proposes “laser-focused” local jobs deals between industry, government, investors,
workers’ representatives and community leaders to mitigate the impact of the energy transition on markets.
The CPD said partnerships must make sure people and businesses most affected by waning export are best positioned to benefit from emerging industries, including renewables and hydrogen.
CPD Program Director Toby Phillips said: “The world will be a completely different place by 2050 and we must set ourselves up for success in that world.
The choices we make today will determine our ability to benefit from the opportunities presented by decarbonisation in areas like mining, hydrogen, manufacturing, services and transport.”