Australia’s stormy climate politics history, as well as the lack of Paris-aligned 2030 targets and legislation, have stifled investment and sent wealth abroad. Following the recent elections, the Australian government will be able to invest billions of dollars in new employment and sectors that will help to combat climate change.
The Investor Group on Climate Change (IGCC) has encouraged the newly elected Australian Labor Party to take steps to change its current climate trajectory, including:
- Creating a statutory function for the Climate Change Authority to advise Parliament on climate strategy and goals
- Creating a National Transition Authority to advise jurisdictional groups on how to manage social and physical repercussions of climate change, as well as the fossil fuel phase-out
- Putting in place sector-by-sector plans to ensure a net-zero emissions transition
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