Joe Biden’s Inflation Reduction Act risks cutting the lunch of Australia’s renewables industry, and $100 billion in new government spending is needed to keep the country competitive, according to environmentalists, investors and unions.

Pitching a new 10-year Australian renewables industry package to federal Labor, groups including the Smart Energy Council, Climate Energy Finance, the ACTU and the Australian Conservation Foundation will use a conference in Canberra this week to call for new spending to re-industrialise the economy and spur job creation.