The Investor Group on Climate Change (IGCC) has welcomed Australia’s proposed Australian Climate Change Bill introduced by Parliament. The IGCC estimated that up to $131 billion in new investment could be “unlocked” within the next ten years with policies delivering stronger emissions targets. The body says the proposed bill will ensure an “equitable” transition to net zero, lowering investment risks and costs in Australia by changing the nation’s existing “chaotic” climate policy. The legislative framework is intended to ensure system-wide risks and opportunities are considered, such as credible sector targets, measures to manage climate change impacts, and embedding climate risk management across all government agencies. Erwin Jackson, the IGCC’s Director of Policy, said: “The Climate Change Bill outlines initial and critical steps to get Australia on the starting blocks for a net zero emissions economy. [It is an] opportunity to unlock hundreds of billions of investment in climate solutions across the economy.”
The climate bill has many elements that will support the efficient allocation of capital to Australia. That's a good start that deserves parliamentary support.
Legislated targets, and independent climate advice foremost.
— Investor Group on Climate Change (@IGCC_Update) July 26, 2022