Guest essay by Eric Worrall
Emma Herd, chief executive of the Investor Group in Climate Change, wants more regulation and government coordination to bolster Australia’s response to climate change.
The business case for fixing Australia’s systemic failures on climate change
By Emma Herd
August 28, 2020 — 12.00am
The days of climate change being seen only as an environmental issue are long past. Large swathes of the private sector now recognise our warming planet poses a systemic financial risk to our country. Our major financial regulators, such as the Reserve Bank, also understand the threat.
But sadly, our national public debate has too often been snared on the cost of the necessary climate policy response. We rarely balance this with the far greater costs of inaction.
And too often we have sought the false certainty of economic modelling about policy outcomes decades in the future. If we take a step back, the facts are crystal clear: runaway climate change will do untold and likely irreversible economic damage to our country.
As the Roundtable concluded: “There is no systemic government response (federal, state and local) to build resilience to climate risks. Action is piecemeal; unco-ordinated; does not engage business, private sector investment, unions, workers in affected industries, community sector and communities; and does not match the scale of the threat climate change represents to the Australian economy, environment and society.”
Emma Herd is chief executive of the Investor Group in Climate Change, which is a member of the Australian Climate Roundtable.Read more: https://www.smh.com.au/environment/climate-change/the-business-case-for-fixing-australia-s-systemic-failures-on-climate-change-20200827-p55pxc.html
My question – if climate resilience is such a terrific investment opportunity, why do climate concerned business groups keep demanding government intervention?