With nearly US$60bn expected to be invested into decommissioning offshore infrastructure over the next three to five decades, the Australian government has formed an Offshore Decommissioning Roadmap aimed at boosting the growth of the country's decommissioning industry.
Growing Australia's domestic decommissioning industry not only benefits the country's economy and environment, it also plays a key role in Australia's transition to net zero.
The roadmap maximises the amount of decommissioning activity that happens domestically and ensures that planned activities are taking place with improved efficiency and transparency. It also sets out a path to grow Australia's industrial capability in the management of decommissioning and materials, create safe, top-tier jobs to service a thriving decommissioning industry, all while ensuring that the industry undertakes its decommissioning obligations in a safe, timely and environmentally responsible way.
Key areas of opportunity
The roadmap focuses on five main areas of opportunity including the establishment of a regulatory framework that safeguards the environment while attracting investment, fostering meaningful partnerships with First Nations people and local communities, and maximising infrastructure opportunities and availability. Moreover, it encourages job creation and investment in the recycling and waste management sectors while also developing an offshore decommissioning workforce that is safe, skilled and diverse.
To support the roadmap, the Offshore Decommissioning Directorate was formed this month to encourage collaboration among all parties involved, improve transparency across the pipeline, be a trusted partner and advisor on policy matters, strengthen regulatory frameworks and ensure that industry activities complement the Future Made in Australia agenda.
