The Future Business Council has welcomed the release of the Australian Labor Party’s “Climate Change Action Plan” which outlines the Opposition’s framework to meet Australia’s long term emissions reduction obligations.
The Future Business Council’s Next Boom Report highlighted that policy will play a critical role in facilitating the nation’s transition to a new economy, which includes, among other things, decarbonisation.
“Many of our international peers have set ambitious emissions reduction policies. While the sheer weight of global action will inevitably shape Australia’s policy positions, we cannot afford to sit back and wait for this to happen. Lack of effective national climate policy has seen an increase in emissions for the past five years, with impacts on Australia’s global reputation and broad export-facing industries” says Future Business Council CEO James Wright.
The Future Business Council recognises that Labor’s target of 45% reduction in emissions by 2030 and net zero emissions by 2050 is a step in the right direction, sending the message to investors that Australia is catching up with the world’s leaders in tackling climate change, along with the economic and social benefits of decarbonising. Accelerating the adoption of low carbon and sustainable products and services will have a significant effect on all industries.
“The opportunities that come with moving towards a decarbonised economy faster are enormous. Increased competitive advantage, reduced business risks, export potential in new energy and transport technologies, food and agriculture and increased investment are just some of the benefits to Australian businesses and many of our members if we transition sooner rather than later” says Mr Wright.
While it is encouraging to see elements of the The Next Boom being adopted in this policy announcement, there is still more that can be done. “We need to take this seriously and reduce our fossil fuel dependence across all sectors and all companies. This will enhance our economy and communities, providing more equitable participation in our society. Moving faster and with more ambitious targets will position Australia positively for the future.” Mr Wright said.
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