Unlocking Climate Capital: Investor Policy Priorities For The 48th Parliament's First 100 Days
Press Release – Investor Group on Climate Change
The Investor Group on Climate Change will be engaging with policy-makers across the new parliament to provide more detail on these recommendations and how they will support jobs, economic growth, and reduce the economic costs of climate change.
Australia's investment sector looks forward to working with Australia's new parliament on the policies that will keep building momentum towards a climate-resilient net-zero emissions economy.
Quote from CEO Rebecca Mikula-Wright
'Economic damages from growing extreme climate events remain the biggest risk to super funds and other investors being able to deliver sustainable returns for their 15 million Australian members.
'Australia has all the resources we need to create new jobs and prosperity based on our abundant renewable energy resources, our clean industries, and our adaptation know-how.
'As new and continuing MPs and senators return to Canberra in the coming months, investors will be very keen to resume and accelerate the progress Australia is making towards a net zero, climate resilient economy.'
Priorities
To support an orderly and least-cost transition, IGCC recommends the following actions for the 48th Parliament within its first 100 days:
Commit to a strong 2035 emission reduction target
Setting a target within the range advised by the Climate Change Authority will help investors get the confidence they need to invest in new renewable energy and other climate solutions in Australia.
Release comprehensive and just sector-by-sector plans, emissions reductions plans, and the new National Climate Risk Assessment and National Adaptation Plan.
With clear sector and adaptation plans and a suite of stable policies to manage climate risks and promote climate solutions, investors will have greater confidence to deploy capital in Australia and not in other markets.
Amend the Climate Change Act to include Net Zero Sector Plans, the National Adaptation Plan, and the National Climate Risk Assessment.
This would provide durable national frameworks for decarbonisation, adaptation and climate risk, supporting the policy continuity across governments that builds market confidence, and encourages capital deployment into Australian mitigation and adaptation from local and international investors.
The Investor Group on Climate Change will be engaging with policy-makers across the new parliament to provide more detail on these recommendations and how they will support jobs, economic growth, and reduce the economic costs of climate change.
About the Investor Group on Climate Change:
We are a leading network for Australian and New Zealand investors to understand and respond to the risks and opportunities of climate change.
Our members include our countries' largest superannuation and retail funds, specialist investors and advisory groups. Their beneficiaries include more than 14.8 million Australians, and millions more New Zealanders. Our members manage more than $35 trillion globally.
We are a not-for-profit and our work is funded by members' fees and philanthropy from supporters who understand the power of capital to support climate action.
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