Market turmoil shows need for strong leadership on climate reforms Media Release

Oct 13, 2008 - 12:07pm

Responding to calls for delay or soft starts, the independent Climate Institute said today that the current global market turmoil reinforces the need and urgency for strong leadership on climate reforms to ensure governmental interventions encourage low carbon and sustainable economic growth.

“The Prime Minister recently linked the current global financial turmoil to ‘the triumph of the short term over long term, sustainable growth’. Let’s not make that mistake again,” said John Connor, Climate Institute CEO.

“We can’t go into this hoping to patch together our twentieth century economy and ignore the risks and opportunities of 21st century climate change.

“A strong start to the carbon pollution reduction scheme, policies to boost energy efficiency and encourage investment in renewable and other clean energy sources can and should be a central part of the economic response.

“As business leaders have highlighted today, a delayed response to climate change will heighten investment uncertainty and hamper multi-billion investments in the clean energy economy of the 21st century.

“The risks of Climate Change have been clearly identified and we know to help avoid future catastrophic impacts we need to reign in global carbon pollution to levels that avoids a 2oC increase in global temperature.

“Australia’s needs to play its part by setting targets to reduce its carbon pollution by at least 25 per cent off 1990 levels by 2020.

“The impacts of climate change are already being felt in parts of rural Australia where they are still in the grip of the worst drought on record.

“Setting strong targets to reduce carbon pollution and helping to drive a global deal to reduce emissions are actions we cannot afford not to do.

“To ‘climate proof’ the Australian economy we need to implement a strong carbon pollution reduction scheme, invest now in clean energy and energy efficiency to open new economic and job opportunities, and build a low-carbon economy.”

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