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Opportunity for Increased Climate Focus Under New Australian Government – IGCC

With Australia’s latest election resulting in a defeat for now former Prime Minister Scott Morrison, there is an “enormous opportunity” for the new government to unlock billions of new investment in jobs and industries that will address climate change, according to the Investor Group on Climate Change (IGCC). Australia under Morrison has been slow to undertake climate action and to let go of coal. His successor, Anthony Albanese, has pledged to make Australia a “renewable energy superpower“. The IGCC and its members (managing more than US$33 trillion, with 7.5 million Australians beneficiaries) has outlined its recommendations for Australian climate policy. These include legislating Australia’s net zero target, phasing in an enforceable mandatory climate risk disclosure regime by 2024, and establishing a National Transition Authority to provide guidance to investors, companies and authorities on managing worker and community impacts throughout the transition to net zero greenhouse gas (GHG) emissions by 2050.

IGCC CEO Rebcca Mikula-Wright said: “Investors stand ready to invest billions of dollars into climate positive solutions for Australia’s future, and all the evidence shows that investment will be a net benefit for the national economy. The election result is a climate reset for Australia, and investors are now keen to work with the government to help progress policies that provide stability and send strong signals supporting climate-aligned investments across sectors, including clean energy, transport, buildings, manufacturing and agriculture. Clear, stable and credible climate policy will enable Australia to be a global leader in the transition to a net zero economy.”

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