New Report | Refined Ambitions: Exploring Australia’s low carbon liquid fuel potential

Written By Juliette Cody

New report by from the CEFC and Deloitte, shows how Australia can develop a $36 billion industry as part of our net zero future. See HAMR Energy’s Portland Project also featured.

A landmark new report from Deloitte and the Clean Energy Finance Corporation (CEFC) has confirmed that Australia is on the cusp of a green revolution in liquid fuels, with the potential to build a $36 billion industry and secure our place as a global low-carbon powerhouse. The "Refined Ambitions" report is a call for action for our nation to embrace this opportunity. We are proud to also see our flagship project featured as a key part of this exciting future.

Key Insights 

  • $36 billion domestic LCLF market opportunity by 2050

  • 230 million tonnes of CO2-e savings over the next 25 years

  • Untapped potential for Australia in processing of feedstock

  • There is a persistent demand for liquid fuels

A Turning Point for Australian Fuel

For too long, Australia has been vulnerable when it comes to liquid fuels. We import a staggering 80% of our supply, a dependency that cost us $50.7 billion in 2023 alone. At the same time, we export $3.9 billion of the very feedstocks that could be used to produce low-carbon liquid fuels (LCLFs) right here at home. The "Refined Ambitions" report lays out this missed opportunity and communicates a pathway forword.

The report’s analysis reveals that even with the rapid rise of electrification across the transportation sector (like electric vehicles) Australia will still have a significant demand for liquid fuels in 2050, particularly in the hard-to-electrify sectors like heavy transport, shipping, mining, and aviation. By developing a domestic LCLF industry, we can not only meet this demand but also create a major new export market, reduce our carbon emissions by a cumulative 230 million tonnes of CO₂-e over the next 25 years, and bolster our national fuel security.

Key Findings: The Road to a Low-Carbon Future

The Deloitte and CEFC report identifies several key actions needed to unlock this potential:

  • Market Access: We need to create clear pathways for LCLF producers to enter the market.

  • De-risking Investment: Government and private sector collaboration is essential to de-risk the significant investments required to build new refineries and infrastructure.

  • Demand Signals: Clear, long-term policies, such as fuel blending mandates, are needed to provide market certainty and drive demand for LCLFs.

HAMR Energy Featured

HAMR Energy Portland Renewable Fuels Project, featured in the "Refined Ambitions" report, is an example of how we are committed to developing a low-carbon future for Australia. Located in Portland, Victoria, our project is expected to become a cornerstone of Australia's emerging LCLF industry. We are confident that with the right policy settings and investment, we can continue developing projects to help Australia realise its refined ambitions and become a true low-carbon liquid fuel powerhouse. See HAMR Energy Featured below.

Juliette Cody
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