Analysis by Australian think tank, the Climate Council has found Australia’s export industries are sitting on a $190 billion (USD 124 billion) windfall as key trading partners, such as China, UK, India, the EU, Japan, South Korea, and some major US states, ramp up their clean energy transition despite the US administration’s efforts to snub renewables.
The shift away from coal-fired energy, the report says, positions Australia in line for $190 billion worth of export opportunities, on the back of many export partners accelerating their own energy transition.
Image: Climate Council
It cites the example that in 2023, China commissioned as much solar capacity as the entire world in 2022, and accounted for half of all renewables installed worldwide, while in May 2025, it installed nearly 100 solar panels every second, on average.
Image: Climate Council
Climate Councillor and leading economist Nicki Hutley said the world was moving – and fast – on the clean energy transformation.
“In 2025, global renewables investment is double that of fossil fuels with countries investing trillions of dollars. Yet the US, under Trump, has made the dumbfounding choice to head in the opposite direction,” Hutley said.
“Even though many heavyweight states, and companies in the US are still forging ahead with renewable energy projects, it’s clear China is now leading—and profiting. Over the past five years China’s solar capacity has almost quadrupled and its wind capacity has doubled.”
Image: Climate Council
The report, Power Shift: The US, China and the Race to Net Zero, has been released as Australia anticipates a pending federal government announcement of a new 2035 climate target.
Hutley said the government has an opportunity to better protect Australians and other nations from climate harm, and also capitalise on a $190 billion windfall from the global shifts underway.
“Australia’s choice is lead, or lose out. The economic case for a stronger 2035 climate target is clear. This is in our national interests. If we pass this up – and take a weaker stance – then our security, economic prosperity and credibility are all on the line.”
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