Antinuclear

Investors urge governments to go green for coronavirus recovery, The Age ,By Mike Foley, May 4, 2020  Major investors, Australian superannuation funds and the International Energy Agency are urging governments to seize the green opportunity to drive economic growth after the coronavirus pandemic and avoid the risks they see in high carbon emitting projects.“Recovery plans that exacerbate climate change would expose investors and national economies to escalating financial, health and social risks in the coming years,” said a statement from the Investor Agenda group – an international coalition of institutional investors and asset managers whose members hold more than US$80 trillion under management.

Large-scale energy generators such as coal and gas fired power plants and their heavy duty transmission networks, as well as gas powered manufacturing facilities, are built to deliver a return on investment over decades.

Investors argue international commitments to tackle climate change and reduce emissions such as the Paris Agreement create an unacceptable risk for long-term investment in emissions intensive projects……

The Clean Energy Council, which represents renewable energy companies that employ more than 28,000 workers said governments had “an opportunity to transform Australia forever”.

In its Clean Recovery report released on Tuesday the Council said wind and solar projects totalling 30 gigawatts energy capacity, which already have development approval, would generate $50 billion in investment across the supply chain 50,000 construction jobs and 4000 permanent positions.

The Council also said support for large and small-scale renewables, such as rooftop panels, and an accelerated roll-out of batteries would create a “smart energy system” that could deliver flexibility and lower costs for consumers with low-emissions.

This week, the International Energy Agency, an intergovernmental energy forecast adviser, highlighted opportunities in the energy sector in the wake of COVID-19. Global energy demand is forecast to fall a whopping 6 per cent this year, seven times more than during the global financial crisis…..

The Council also said support for large and small-scale renewables, such as rooftop panels, and an accelerated roll-out of batteries would create a “smart energy system” that could deliver flexibility and lower costs for consumers with low-emissions.

This week, the International Energy Agency, an intergovernmental energy forecast adviser, highlighted opportunities in the energy sector in the wake of COVID-19. Global energy demand is forecast to fall a whopping 6 per cent this year, seven times more than during the global financial crisis….

Emma Herd, chief executive of the Australian Investor Group on Climate Change, said “government policy that spurs fresh private investment in clean energy … will lead to much needed jobs and economic growth”.

“The Australian government should be looking to integrate recovery plans with its technology investment roadmap, long-term emissions reduction strategy, grid modernisation planning and bushfire recovery to build greater resilience and reduce climate risk,” Ms Herd said.  https://www.theage.com.au/politics/federal/investors-urge-governments-to-go-green-for-coronavirus-recovery-20200504-p54pmu.html