INTERNATIONAL INVESTORS CALL OUT TURNBULL

288 international institutional investors with $26 Trillion (USD) under management have called on governments to raise their pledges under the Paris Climate Agreement as existing targets will fail to deliver the Paris Accord goal of keeping global warming to well below 2-degrees.

The Turnbull Government is squarely one of those governments whose lack of ambition and lack of action has prompted this call to action – with only having a Paris target pledge of 26 per cent pollution cuts by 2030, and no post 2030 targets at all.

In stark contrast, Labor’s targets are based on scientific advice of what is needed to deliver the Paris goal of passing on a sustainable climate to future generations; a cut of 45 per cent by 2030 and net zero emissions by 2050.

The global investors state, “This ambition gap is of great concern to investors and needs to be addressed, with urgency. It is vital for our long-term planning and asset allocation decisions that governments work closely with investors to incorporate Paris-aligned climate scenarios into their policy frameworks and energy transition pathways.”

Yet the Turnbull Government’s weak National Energy Guarantee is projected to deliver no new large-scale renewable energy investment over the 2020s.

And far from being on track to delivering their weak targets, according to the government’s own data emissions are projected to increase all the way to 2030.

 

Malcolm Turnbull has simply given up on tackling climate change. Australia deserves so much better.