And they are demanding it.
The recent Australian Climate Change Act, introduced a number of policies to address climate change with the aim of being Net Zero by 2050, but the Investor Group on Climate Change (IGCC) thinks more should be done and has outlined “high priority policies“ needed to “unlock capital” for Australia’s net zero transition.
The IGCC said additional policy priorities over the next three years should include:
- Aligning national emissions targets to 1.5°C, which implies a 2035 target of approximately 75% reduction,
- Establishing sector by sector goals to 2050, based on advice from the Climate Change Authority, to guide policy and investment,
- Ensuring the country’s current carbon pricing tool, the safeguard mechanism, is aligned with 1.5°C,
- Establishing a National Transition Authority to support a just and orderly transition to net zero,
- Unlocking private sector investment in adaptation and including climate risk in all relevant planning, land use rules, and direct investment policies.
You can view the executive summary below.
And you can read the full report HERE.