An Australian renewable energy export industry could create almost 400,000 new jobs and become more valuable to the Australian economy than current coal and gas exports, a new report commissioned by business groups, unions and environmental organisations has found.

The new report - jointly published by the Australian Conservation Foundation, WWF Australia, the union group ACTU and the Business Council of Australia - estimates that almost $90 billion in new trade could be secured for Australia through investments in clean energy exports.

Supplying a burgeoning global market for renewable hydrogen and ammonia products would provide Australia with the most significant new export opportunities, with green metals, minerals and battery manufacturing also set to emerge as massive export markets.