South Australia has launched a bid to host a major UN climate conference in 2026 in Adelaide, with the premier, Peter Malinauskas, declaring it would draw more than 30,000 people and could be worth $500m (US$336 million) to the state.

Australia is vying with Turkey to host the year-ending climate summit known as Cop31, with a decision expected next month at this year’s conference in Azerbaijan.

The Albanese government’s existing bid is that it would co-host the event with Pacific nations.

Speaking at a business lunch in Adelaide on Monday, Malinauskas said South Australia was a global leader in renewable energy, with 75 percent of its electricity coming from wind and solar and a target of 100 percent by 2027. He said it made the state a logical host.

The premier said an analysis had found the conference would deliver a potential benefit to the state of $511.6m(US$342 million), including boosting tourism, trade and investment. He said it would be bigger than the combined impact of SA’s other major events, including the AFL gather round, the contentious Saudi-backed LIV golf tour, the Adelaide festival, Adelaide Fringe festival and a Katy Perry concert.

“Every single time we see Australia host these major conferences the default position is: ‘It’s always got to be in Sydney or Melbourne’,” Malinauskas said.

“Well, because of what we’ve been doing here in South Australia we now have an opportunity to say no to Sydney and Melbourne, and instead allow the federal government to choose Adelaide to host what will be one of the largest international conferences this nation has ever seen.”

Australia is considered the frontrunner to co-host Cop31, but the decision has been slower than expected.

The member countries of the Western European and Other States group, of which Australia is a member, are anticipated to make their choice during the Cop29 summit starting in the Azerbaijan capital of Baku on 11 November.

Last year’s Cop28 conference in Dubai attracted about 100,000 people, but future summits are expected to be smaller as the number of delegates is restricted.

SA is the first Australian state to declare its interest in hosting the event. Sydney and Brisbane – bigger cities and, unlike Adelaide, on the Pacific Ocean – are other potential contenders.

The federal climate change and energy minister, Chris Bowen, said the Albanese government welcomed the SA government’s interest.

“If we are successful there will be a process to identify which state or states host Cop31,” he said. “We are grateful for the support from Pacific leaders for our bid, and welcome the support we’ve received from the U.S, UK, France, Germany, Canada, New Zealand and others.”

Bowen said the Australian government was working with Turkey “to find a mutually beneficial resolution”.

South Australia’s bid was backed by Business SA’s chief executive, Andrew Kay. “Our leadership in renewables and track record in running flagship global events, sees us well placed to make a compelling bid,” he said.