Investors: “Budget Keeps Australia in the Clean Energy Race”

The Investor Group on Climate Change (IGCC) says the Government’s budget announcements have the ingredients to keep Australia’s economy competitive in the global race to capitalise on new clean industry growth.

“Australia has all the ingredients to prosper in the global clean industry transformation and attract investment in new technologies and clean industries,” said Rebecca Mikula-Wright, CEO, IGCC.

“Today’s Budget commitments are a critical down payment in Australia becoming a magnet for capital seeking to deliver good long-term returns, creating local jobs and economic opportunities.”

The Budget reflects calls from investors:

• for better Government coordination by implementing a “front door” for investors to streamline capital allocation decisions,
• strategic targeting of public funds to unlock private investment in industries where Australia has comparative advantage (e.g. green hydrogen, critical minerals and green metals),
• stable policy frameworks and transparency around Government funding through the proposed Future Made in Australia Act,
• support for transition planning in Australia’s vital regions undergoing transition, and
• investment in developing standards to credible business transition plans to promote investment in Australian companies.

“IGCC members invest the retirement savings of around 15 million Australians. If Australia doesn’t invest in building a clean economy, there’ll be fewer jobs, higher bills and, making it more difficult for Australians to put food on the table, keep the lights on and retire with dignity.

“The Budget is critical but it’s only one part of the policy framework needed to deliver a fair and well-planned transition to net zero emissions. Vital next steps include finalising the sector-by-sector decarbonisation plans to bring together an economic policy framework to deliver Australia’s upcoming 2035 target under the Paris Agreement.

“Investors look forward to working with governments to ensure Australia undertakes a fair, fast and well-planned net zero transition to harness our world class people, and solar, wind and mining resources to deliver our economy’s full potential,” said Ms Mikula-Wright.

Learn more about the proposed ‘Future Made in Australia’ Act from Chair of The Superpower Institute, Rod Sims

As part of Climate Action Week Sydney, we opened our May IGCC Member Briefing up to the public, where Chair of The SuperpowerInstitute – Rod Sims – dived deeper into the proposed Future Made in Australia Act, off the back of last night’s Budget announcements.

Watch the video below for Rod’s presentation (from 17:50 onwards).