Australia’s newly installed Minister for Climate Change and Energy Chris Bowen will today address the Climate Change Investment and Finance Summit in Sydney, where he will detail the government’s climate policies and outline jobs and investment opportunities in the energy sector.
In his first major speech since being installed as Minister for Climate Change and Energy, Bowen will tell investors the new Albanese Government wants to unleash private investment in renewable energy projects and that he sees cutting emissions as a good investment opportunity.
“For too long, Australians had been led to believe that climate change posed a choice: The environment or the economy; the cities or the regions,” he will tell the summit, being hosted by the Investor Group on Climate Change (IGCC), a collaboration of Australian and New Zealand investors.
“Good climate action can benefit us all because the truth is that good energy policy is key to good economic policy.
“The Albanese Government wants to unleash private investment. We want to give you the framework, the certainty and the partnership you need.
“More than that, as we get on with unleashing investment, we will show that the world’s climate emergency is indeed Australia’s jobs opportunity.
“Australia is under new management and Australia is open for business in the new global economy.”
Bowen’s address comes a day after Prime Minister Anthony Albanese committed Australia to a more ambitious greenhouse gas reduction target of 43% by the end of the decade, based on 2005 emissions levels.
Albanese said the nation’s new 2030 target will provide much-needed certainty for investors, claiming the Australia’s energy sector had been held up during the previous government’s nine years in power due to that administration’s failure to agree on a climate policy.
“What businesses have been crying out for is investment certainty,” Albanese said. “The certainty that they need to invest over a longer time frame than the political cycle of three years.”
The IGCC and its members, who manage more than $3.6 trillion in Australia and New Zealand, said the renewable energy sector represents an enormous investment opportunity, estimating the government’s adoption of stronger emissions reduction targets could unlock more than $130 billion in investment opportunities in “clean industries and new jobs” by 2030.
IGCC chief executive officer Rebecca Mikula-Wright said a lack of credible climate targets and policies has impeded investment in Australia but “investors stand ready to invest billions of dollars into climate positive solutions for Australia’s future”.
“It’s time to benefit from the enormous resources and transformational opportunities this country has,” she said. “Clear, stable and credible climate policy will enable Australia to be a global leader in the transition to a net zero economy.”
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