Clean recovery: Australian Industry Group calls for AUD 3.3 Billion in Public Spending

The Australian Industry Group urges the government to significantly step up its investments in renewable energy and energy efficiency for a clean recovery. In its pre-budget submission, the Australian peak employer body suggests public spending of AUD 3.3 billion over 10 years on renewable energy and AUD 500 million over two years to enhance energy efficiency and management. The AUD 3.3 billion should be directed towards the Australian Renewable Energy Agency and the Clean Energy Finance Corporation. An additional AUD 500 million in grants should be used to support the widespread use of technologies like heat pumps, electric induction furnaces, and energy management systems.

According to a news report by The Guardian on August 30, 2020, the Australian Industry Group warns that the country is “facing a substantial and costly increase in climate-related impacts and risks.” It therefore calls on the government to better coordinate climate policies and regularly assess the vulnerability to climate change impacts. Financial regulators in the country should focus on reducing the financial risks from climate change.