A survey by the Carbon Market Institute of over 400 Australians, including c-suite executives and senior managers, has found that 88 per cent support a target of net zero emissions by 2050.
Eighty-four per cent of respondents to the 8th annual Australian Climate Policy Survey said they believe Australia should increase its emissions reduction target for 2030, and 81 per cent identified that carbon tariffs are a growing risk to the country’s emissions-intensive economy and exports.
“With most of Australia’s key trading partners already committed to net zero, and to 2030 cuts twice to three times as deep as Australia’s 26-28 per cent, concern about carbon border tariff adjustments is growing year-on-year,” said Carbon Market Institute CEO John Connor.
“Australian businesses are increasingly concerned we will be penalised internationally if we don’t catch up.”
Global capital and investment are currently prioritising, or will prioritise, those countries and companies with decarbonisation policies and actions according to 93 per cent of those surveyed, and 91 per cent believe delaying decarbonisation will require “more abrupt, forceful and disruptive” policy response.
Eighty-three per cent of respondents said their organisation had faced increased engagement from investors and/or lenders on how they are addressing emissions reduction.
“The findings confirm the overwhelming view in industry that capital flows to decarbonising economies and businesses, that climate risk is a key consideration for boards and investors, and that further delays in national emissions reduction policy will inevitably increase disruption to industry,” Mr Connor said.
“It is crystal clear that business wants the policy uncertainty and climate culture wars to end and is ready to embrace the global opportunities of the inevitable transition to net zero emissions.”
