Philip Lowe, Governor of the Reserve Bank of Australia, used a speech at Australia-Canada economic leadership forum on 13 February to observe that the Reserve Bank was paying attention to the financial implications of Climate Change.
He said:
"Climate change is affecting the nature of production in Australia, the nature of investment, ultimately the nature of our exports. At the moment, I think it's affecting confidence of people and therefore ultimately spending."
He called for greater policy certainty.
Investment in renewables collapsed by more than 50 per cent in 2019, according to the Australian Financial Review. This is blamed on mounting regulatory risks, under-investment in transmission, and policy uncertainty. All these problems are caused by government recalcitrance and ineptitude.
We need strong government leadership to set a framework for reducing greenhouse gas emissions over the longer term. Within this framework, consistent policy support will guide ongoing investment in clean energy. The legislation proposed by Zali Steggall provides exactly this policy certainty.
The Morrison government should listen to the Reserve Bank, and all the other voices calling for greater policy certainty. If they don't, the 'lost decade' will become the 'lost 20 years' - and that's a whole generation.
I encourage you to contact your MP or Senators and urge them to support the legislation proposed by Zali Steggall.
We have a responsibility to understand the economic and the financial implication of climate change.
He said:
"The economic implications are profound."
"The world is getting hotter and the climate is more variable. We're seeing already in Australia, perhaps more than anywhere else in the world, the effects of that.""Climate change is affecting the nature of production in Australia, the nature of investment, ultimately the nature of our exports. At the moment, I think it's affecting confidence of people and therefore ultimately spending."
He called for greater policy certainty.
The policy uncertainty is problematic. There's been very substantial investment in renewables in Australia. We have fantastic opportunities there to reshape our energy production system ... but it would be enhanced with greater policy certainty.He's being polite.
Investment in renewables collapsed by more than 50 per cent in 2019, according to the Australian Financial Review. This is blamed on mounting regulatory risks, under-investment in transmission, and policy uncertainty. All these problems are caused by government recalcitrance and ineptitude.
We need strong government leadership to set a framework for reducing greenhouse gas emissions over the longer term. Within this framework, consistent policy support will guide ongoing investment in clean energy. The legislation proposed by Zali Steggall provides exactly this policy certainty.
The Morrison government should listen to the Reserve Bank, and all the other voices calling for greater policy certainty. If they don't, the 'lost decade' will become the 'lost 20 years' - and that's a whole generation.
I encourage you to contact your MP or Senators and urge them to support the legislation proposed by Zali Steggall.
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