WA CME: Agility needed for energy edge

The WA Chamber of Minerals and Energy (CME) has released its report on risks to WA’s investment-readiness, highlighting the need for turnkey industrial areas.

The Australian Venture Consultants report commissioned by the WA CME examined a range of industrial precincts in competing jurisdictions.

The report found the lack of fully equipped strategic industrial areas (SIAs) was severely hampering WA’s ability to attract investment.

WA CME chief executive Rebecca Tomkinson says the intense global competition in critical minerals and clean energy supply chains means that investment incentives and project-ready industrial precincts offer a significant competitive advantage.

“One of the key factors hindering WA’s agility to respond to market needs and have projects up and running quickly has been the absence of strategic industrial areas that are turnkey and ready to go,” Ms Tomkinson said.

“Being nimble enough to take advantage of new project opportunities, attract investment and maintain WA’s high ESG standards in a highly competitive international market would be another factor setting WA apart from its competitors.

“But all of that doesn’t just happen; it takes a strategic view — it takes all parties working together and it takes government commitment to ensure industrial precincts are turn-key ready for green-lit projects to hit the ground running.”

Ms Tomkinson says WA’s SIAs need further investment to ensure they are effective in attracting jobs, new industries and support WA’s diversification and industrial development ambitions.

“The announcement of a $500m Strategic Industries Fund in the WA 2024-25 Budget is a positive step, but well below the amount required to deliver fully development-ready SIAs,” she said.

Ms Tomkinson says the WA CME is keen to work with State and Federal Governments on the practical framework and actions needed to create effective SIAs.

“By way of example, the State Government needs to take the lead on reducing upfront cost and risk by securing approvals and investing in enabling infrastructure such as roads, energy and water.

“If our SIAs are ‘project ready’ it means more certainty in investment and project viability, and that helps to fast-track the progression of WA’s decarbonisation ambitions.”