Safeguards Deal Will Support Clean Investment
27 March 2023
A statement by the Investor Group on Climate Change
“Investors welcome the agreement that reforms to the Safeguard Mechanism can pass Parliament this week,“ says the CEO of Investor Group on Climate Change, Rebecca Mikula-Wright.
“The willingness of a diverse range of lawmakers to work together provides investors with the greater clarity they require to deploy the billions of dollars Australia needs to reach net zero by 2050.
“Reform of the Safeguard Mechanism sends a positive signal to investors around the world that Australia is joining the global investment boom in cleaning up economies, addressing energy security and modernising industry.
“The reforms will help to unlock investment in the new and existing industries that will maximise Australia’s competitive advantages in a net zero world.
“IGCC looks forward to working with the Government and the Parliament in the future to keep progressing reforms that will align the economy with limiting climate change damages from global warming above 1.5°C.”
Further Information
$625 billion of co-ordinated investment will be needed to decarbonise Australia’s industry and energy system by 2050, according to the non-profit think tank Climateworks. This comprises $400 billion of business-as-usual investment and a further $225 billion to transition the energy system.