The Better Futures Forum, which also includes the AMA, City of Sydney and Oxfam, has signed an open letter urging the Prime Minister to “match our allies”, with the US already committing to the deadline, while the EU will cut emissions by 55 per cent by 2030 and the UK by 78 per cent by 2035.
“The shift from fossil fuels is inevitable, and the momentum unstoppable. Without further ambition on its part, Australia will face increasing isolation and diminishing markets for its resources,” the letter read.
“Carbon border adjustments will harm Australia’s economy, as other nations race ahead, realising the opportunities for investment in the zero-carbon age.
“To meet the obligations in the Paris Agreement – and protect the wellbeing of the Australian people, our magnificent ecosystems, and our economic security – Australia must establish a clear pathway to transition our economy to a zero emissions future.
“The most important step is what we do in this decisive decade. Australian commitments must, at the very least, match those by our allies in the US, the EU and the UK.”
The letter concluded: “The course of history, and the legacy we leave our children, is in your hands, Prime Minister. We are moving ahead, and we need your support. The time to act is now.”
The release of the open letter comes after HESTA’s announced the appointment of Kim Farrant as its general manager responsible of investment who made the move from Hostplus in July where she worked as head of ESG.
“Rio Tinto’s destruction of the Juukan Gorge caves and the AMP sexual harassment scandal highlight the need for investors to manage environmental, social and governance issues appropriately to protect and enhance long-term value for super fund members,” Ms Farrant said.
“HESTA has been a leader in responsible investing for many years and I’m looking forward to continuing this work, which will make a real difference to members’ financial futures.”
Neil Griffiths
Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.
Neil is also the host of the ifa show podcast.
