Less than a month out from the UN Climate Change Conference (COP26), Australian Ethical CEO and MD John McMurdo said that Australia must go "all in" on climate action.
“It’s time to end our national embarrassment when it comes to climate action and support for the fossil fuel industry,” said Mr McMurdo.
“Scott Morrison must attend COP26 in person. He must make the net-zero pledge for Australia. And he must also reveal his so-called ‘plan’ for reaching net-zero, which he has alluded to so often in the media,” he said.
Mr Morrison has not yet confirmed whether he will attend the conference scheduled to be held in Glasgow between 31 October and 12 November.
The Prime Minister previously indicated that attending the conference would require him to undergo 14 days of quarantine during a key part of the country’s reopening plan.
While Australia has committed to cutting emissions between 26 and 28 per cent by 2030, a commitment to net zero emissions by 2050 is not yet in place.
“Australia must go ‘all in’ on policy, incentives and initiatives that will, in combination, create a climate-friendly industrial revolution,” Mr McMurdo said.
Mr McMurdo claimed that, as part of this "climate-friendly industrial revolution", Australia could become a sustainable top-20 global economy and potentially a renewable energy superpower.
“A clear vision on zero-carbon industries would inspire Australian and global capital markets, and significant capital allocators such as Australian Ethical, to invest potentially unprecedented amounts back into Australia,” he said.
“If we want Australia to flourish with trillions of investment from asset allocators like Australian Ethical, the superannuation industry and global institutional investors, we need policy certainty on climate,” Mr McMurdo concluded.
Jon Bragg
Jon Bragg is a journalist for Momentum Media's Investor Daily, nestegg and ifa. He enjoys writing about a wide variety of financial topics and issues and exploring the many implications they have on all aspects of life.
