Investors Welcome Treasurer’s Clean Energy Roundtable
19 April 2023
Strong, just and credible climate masterplans for the energy, transport, agriculture, and industry sectors will help provide clarity and certainty for investors looking to allocate capital for Australian climate solutions, said The Investor Group on Climate Change (IGCC) today.
CEO Rebecca Mikula-Wright, along with representatives of some of the country’s largest investors, met with Australian Treasurer Jim Chalmers, Climate Change and Energy Minister, the Hon Chris Bowen and Assistant Minister Senator Jenny McAllister today, in a roundtable event today.
The investor participants highlighted the strong investment potential for sector-specific climate masterplans and a National Energy Transition Authority to accelerate an orderly and just transition to a net zero economy.
Institutional investors are looking to increase their exposure to climate solutions. Sector-specific climate masterplans can build on the government’s economy-wide emissions target setting and Safeguard Mechanism reforms to keep increasing confidence for climate solutions investments in Australia.
In addition, to promote investment and maintain public support, the cost and benefits of the transition need to be shared equitability. An independent statutory National Energy Transition Authority to protect and empower workers and communities in regions undergoing transition would build public and investor confidence in national climate policies.
IGCC also welcomes the government’s announcements today on advancing Australia’s sustainable finance strategy and energy efficiency measures. A clear ‘green’ finance taxonomy would provide clarity to the market on what a climate solution is and what it is not, thereby promoting investment in net zero and helping to avoid greenwashing.
CEO Rebecca Mikula-Wright said:
“The task is complex and collaboration between governments, investors, business and the community is central to delivering Australia’s economy-wide commitment to net zero by 2050. Investors thank the Government for engaging, listening, and collaborating with investors to address shared challenges.
“Investors welcome the Government’s commitment to delivering a national net zero by 2050 plan, including sector by sector emissions pathways. Sector-specific climate masterplans, with credible pathways and targets, will encourage local and global investment in Australia, putting the country further on track for an orderly transition to net zero emissions.
“Investors look forward to continued collaboration with the Government to unlock Australia’s vast clean energy and climate solution potential.”