Why COP21 matters to Australian business

26 Nov 2015Archived News Helen Wetherell Climate Change Matters

“I am optimistic that an effective new global agreement will be concluded in Paris,” Minister Greg Hunt, National Press Club address, 25 November.   A statement made just days ahead of the Paris COP21 negotiations, Environment Minister Hunt’s comments are supported by a number of facts that point to increased global climate action. 

Australian business needs to follow developments in Paris to understand not only how a new global agreement will impact their risk profile, but to assess the opportunities as more than 150 nations - including our trading partners - set targets to decarbonise.  The market for energy efficiency and low carbon technologies will grow in order for these countries to meet their commitments, and new sources of climate-related project will open up. 
 

After years of policy uncertainty in Australia, below are eight compelling reasons to suggest that a global shift is taking place towards more substantive commitments to tackling climate change.

1. 147 heads of state and government will attend COP21, making it one of the largest gatherings of world leaders ever seen outside of the UN General Assembly.

2. Prime Minister Malcolm Turnbull is attending COP21 as is Minister for the Environment Greg Hunt and Minister for Foreign Affairs, Julie Bishop.

3. Prior to COP21, targets to reduce greenhouse gas emissions have been submitted by more than 150 countries participating in the Paris negotiations, including all G20 nations. 

4. Targets cover nearly 90% of global emissions, and the economies of these countries account for 96% of global GDP and 95% of Australia’s two-way trade.
 
5. Amongst those nations making climate change commitments are Australia's key trading partners - China, Japan and the US which together account for 46% of global emissions.

6. If all countries fulfil their stated emissions reduction commitments, the International Energy Agency (IEA) estimates that $US13.5 trillion will be invested in clean energy from 2015 to 2030.

7. Last year China invested a record $89 billion in renewable energy, up 31% from the previous year.  In accordance with their climate goals, more will be invested in coming years.

8. At the end of 2014, 50% of Australia's total assets under management were held in responsible investment portfolios - and that percentage will only grow. 
 

Energetics' CEO Tony Cooper and Strategy Leader Dr Peter Holt will be in Paris. 

Follow Energetics' commentary on COP21 as it happens:

Twitter | https://twitter.com/energetics_au
LinkedIn | http://www.linkedin.com/company/energetics-pty-ltd

 


 

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