Statement on Pacific Islands Forum Commitment on Coal, Oil & Gas Phase-Out
13 November 2023
We welcome the joint commitment from Pacific Island leaders, including Australia, to phase out fossil fuels from their countries' energy systems, in alignment with 1.5° pathways.
The Pacific Islands Forum, attended by Australian Prime Minister Anthony Albanese, met last week in the Cook Islands.
The Communique included the following text: “Leaders committed to the transition away from coal, oil and gas in our energy systems, in line with IPCC pathways for limiting global average temperatures to 1.5°C above preindustrial levels with a peak in fossil fuel consumption in the near term.”
Erwin Jackson, Managing Director, Policy, The Investor Group on Climate Change said:
“A just phase out of fossil fuels in line with 1.5oC will help protect the long-term retirement savings of millions of Australians.
“Climate change damages to the economy, infrastructure and communities are well-recognised threats to financial stability, higher inflation and higher capital, insurance, food, and water costs.
“The economic opportunities from a just transition out of fossils to clean industry, renewable energy, next generation transport and green resources are significant. Investors are looking to deliver strong long-term returns for retirement savings and are hungry for investment opportunities in transition and clean industries.
“Investment grade sector decarbonisation and just transitions policies are needed to support investment in Australia and its vital regions. Investors are looking forward to working with governments, businesses, and communities to deliver a just and orderly transition out of fossil fuels.”