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| Mon, 4th May 2020 13:38:00 |
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Australian businesses call for climate crisis and virus economic recovery to be tackled together |
A leading Australian business group is calling for the two biggest economic challenges in memory – recovery from the Covid-19 pandemic and cutting greenhouse gas emissions – to be addressed together, saying it would boost growth and put the country on a firm long-term footing.
Innes Willox, chief executive of the Australian Industry Group, representing more than 60,000 businesses, says economic recovery from the virus and the transition required to meet net-zero emissions by 2050 are overlapping issues that should be taken on together.
"There's a lot that we can do to rebuild stronger and cleaner," Willox planned to say on Tuesday, according to a speech released in advance.
"The need is urgent. Covid-19 and climate are bigger than any economic challenge we've faced in the last century."
Willox is among a band of community leaders and industry groups urging governments to back climate solutions in the pandemic recovery rather than projects that entrench or increase emissions.
They include the Investor Agenda, a global group of institutional investors and managers with members responsible for more than $55tn worth of assets. In a statement released on Monday, it said governments should avoid prioritising "risky, short-term emissions intensive projects", and that accelerating the shift to net-zero emissions could create significant employment and economic growth while improving energy security and clean air.
"The path we choose in the coming months will have significant ramifications for our global economy and generations to come," the group, which includes Australia’s Investor Group on Climate Change, said.
In Australia, visions for a "clean recovery" or "renewables stimulus" will be the focus of two online industry summits this week. Speakers include the Queensland premier, Annastacia Palaszczuk, and energy ministers from four states.
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