Australia risks missing out on at least A$43 billion ($31 billion) in investment over the next five years if it fails to set a target of net-zero emissions for 2050, according to a climate-focused investor group.
While all of the country’s state and territory governments are targeting net-zero emissions by 2050, the national government has refused to adopt the goal, instead focusing on a technology-driven approach to reducing carbon pollution. The current stance risks leaving A$265 billion in potential private investment on the table through 2050 when compared with clear policies and market signals supporting a net-zero goal, the Investor Group on Climate Change said in a report Monday.
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“The billions of dollars in investment opportunities associated with an orderly transition to net-zero emissions would support the jobs, livelihoods and wealth of millions of Australians