Aussie Green Party backs $15 trillion Cancun investor statement

Country’s Senate told that investors see the ‘real world’ need for climate change solutions.

The Australian Greens political party has thrown its weight behind last week’s statement from a group of the world’s largest investors, representing US$15 trillion, calling for a carbon price and regulatory measures to drive investment towards renewable energy and other solutions to the climate crisis. Ahead of a statement to the Australian Senate, Australian Greens Deputy Leader, Senator Christine Milne, said: “While some economic theorists, together with those who are working against change, are setting their sights on tearing down vital support measures for clean industry once a carbon price is in the market, those who operate in the real world, like this investor group, understand that we need both to drive change.”The investor statement was prepared ahead of the upcoming UN climate change conference in Cancun (COP 16), Mexico, by the Institutional Investors Group on Climate Change, the Investor Network on Climate Risk, the Investor Group on Climate Change Australia/New Zealand, and the United Nations Environment Programme Finance Initiative. Milne told the Australian Senate that the investors had called for emissions targets, strong and sustained price signals, energy and transportation policies, the phase out of fossil fuel subsidies, adaptation measures and corporate disclosure of climate risk to be implemented.