Green goal could unleash billions
Research suggests that if Australia had a net zero emissions target, it could trigger $63 billion in new investment.
Analysis by the Investor Group on Climate Change (IGCC) shows a managed transition to a net zero emissions economy would unlock hundreds of billions of dollars of new opportunities by 2050, across sectors including renewable energy, manufacturing, carbon sequestration and transport.
Maintaining current targets and climate policies would see a $43 billion loss of investment over the next five years, growing to $250 billion by 2050.
“What it shows is that the investment opportunities extend well beyond just the renewables industry,” says Erwin Jackson, the IGCC’s director of policy.
“Renewables are the backbone of the transition but there are massive opportunities in other sectors such as manufacturing, restoring the land, and electrification of transport.”
He said it is the government’s money to lose.
“Put bluntly, capital is global and it wants to invest in climate change solutions because they see it as delivering more on their long term investments,” Mr Jackson said.
“They’re going to invest more in countries that have durable, credible policies to achieve net zero emissions by 2050.”