Major investors say Australia must align its climate target with the Paris Agreement to compete with the United States for the green revolution.
Investors managing trillions of dollars say Australia needs a more ambitious climate target to compete with other nations for global capital flowing into the green industry revolution.
Investor Group on Climate Change, representing institutional investors with total funds under management of more than $30 trillion, said Australia can attract a hefty portion of global green investment without splashing cash to compete with the US financial sweeteners. Australia committed under the Paris Agreement to action that was consistent with international efforts to limit global warming to less than 2 degrees and as close to 1.5 as possible. This target was scientifically selected as the threshold above which global warming will cause the most costly damage – from more intense and frequent floods and fires and other extreme weather events to habitat loss and reduced availability of food and drinking water.
“Investors globally support policy to deliver 1.5 degrees because it delivers the best outcomes for superannuation savings,” Jackson said.
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