Investors with more than $2 trillion in their wallets are urging governments to prioritise net zero emissions projects in coronavirus recovery plans.
The Investor Group on Climate Change – which manages more than $2 trillion in assets across Australia and New Zealand – has made the call alongside its international counterparts.
They say climate change risk must be factored in economic recovery plans from coronavirus.
The investors want governments to drive private capital investments in net zero emissions projects like infrastructure, transport, property and energy.
IGCC chief Emma Herd says government policy which spurs green investment will lead to jobs and economic growth.
“The Australian government should be looking to integrate recovery plans with its technology investment road map, long-term emissions reduction strategy, grid modernisation planning and bushfire recovery, to build greater resilience and reduce climate risk.”
The investor groups recommend five areas for sustainable recovery:
* Prioritise human relief and jobs
* Meet the Paris Agreement
* Ensure corporate assistance assesses climate risk
* Prioritise climate resiliency and net zero emissions solutions
* Embed investor participation in recovery planning.
The recommendations have been sent to G20 countries as well as New Zealand.