Innes said the production of steel, shipping and aviation fuels, fertilisers, explosives and cement accounted for about a quarter of global greenhouse gas emissions.
"Not only can we reduce our own emissions through renewable energy, we can also have a significant impact on the emissions of our trading partners through local production and export," he said.
"Substituting products produced overseas with Australian coal and LNG with locally manufactured products using locally produced green hydrogen will massively reduce Australia's upstream emissions."
Innes said the country was blessed with the land, sun and wind needed to make enough renewable energy to produce green hydrogen.
That green hydrogen can then be used to produce products that other countries produce but with a smaller carbon footprint.
Innes said when he sees wind turbines, he sees hope.
He acknowledged production of green hydrogen was very capital-intensive and needed regulators to help drive it.
Innes said another avenue for emission reduction could be found in the cement sector, with green hydrogen showing potential as a reducing agent in raw material blends.
Its use could reduce clinker content and lead to potential CO2 emission reductions of up to 50%.
"Australia keeps beating itself up about whether it can meet its emissions targets and yet it possesses the means to not only drive down global emissions but also generate substantial export earnings amounting to many billions of dollars," Innes said.