Labor promises to ‘grab this opportunity’ to become renewable energy superpower

The Albanese government has promised to "grab this opportunity" to become a renewable energy superpower after holding a high-level roundtable with major banks, financiers and investment managers.

The Friday roundtable in Brisbane comes after the treasurer, Jim Chalmers, said on Monday that next month's federal budget would see major investments in "cleaner and cheaper" energy.

Chalmers joined more than 30 figures from clean energy and climate, including representatives of investors and superannuation funds with more than $2tn under management.

But investors at the Brisbane roundtable warned the US government's multi-billion dollar package to attract and build clean energy projects risked making it harder to attract finance for projects in Australia.

The Biden administration's Inflation Reduction Act is creating a huge clean energy momentum that will drive down costs, but Australia will need to act quickly to take advantage of the shift, investors said.

Chalmers said: "the most important part of our strategy to grow the Australian economy is grabbing these opportunities for cleaner and cheaper energy.

"The government and the investment community understand that our prospects in this defining decade will be determined by how we manage and maximise this clean energy transformation."