RACE for 2030 was created with an objective of driving innovation and accelerating the shift to a reliable, affordable, and clean energy transition. Working towards this aim, we have set ambitious impact targets of delivering over $8.8 billion of cumulative energy-related savings and 20Mt of cumulative carbon emission reduction by 2035 to make a positive real-world impact on Australian businesses and people’s livelihoods. We are also developing industry-focused educational and training initiatives like an industry PhD program and a carbon manager program to build cross-sectoral capacity and capability. We acknowledge that our work will play a significant role in achieving Australia’s target of reducing emissions by 43% levels by 2030. In the long terms, our projects also focus on increasing energy productivity and reliability along with creating more clean energy jobs.
We also believe that we play an important role in dissipating the knowledge from our research efforts, to overcome the market barriers and modify current practices and acknowledge the crucial role of our research and industry partners in achieving it. RACE for 2030 is working with a range of government, business, and community stakeholders to accelerate the uptake of new technologies, products, and knowledge in the market through our market transformation activities. This is being ramped up in 2023 with the development of a market transformation plan together with our partners, as part of our 3-year research strategy, to leverage the outcomes to a broader market to deliver RACE for 2030’s impact targets.
The RACE for 2030 Annual Impact report highlights the key projects funded this financial year and their forecasted potential impacts in terms of energy bill savings and CO2 emission reduction. With five standard track and >13 fast track projects our estimated potential impact for FY22 is $248M worth of energy savings and 1.1Mt of CO2e emission reduction.