(L to R) Rebecca Huntley and Deanne Stewart

A new report^[1] from social researcher Dr. Rebecca Huntley, commissioned by Aware Super, highlights the cost of Australia’s inaction on climate change and calls for the Federal Government to add substance to rhetoric by committing to net zero by 2050.

The report, titled Building back better: the intersection of climate solutions, healthy people, and thriving communities, highlights that we have a once in a generation opportunity for Australia to reset and refocus our economy following COVID-19.

CEO of Aware Super, Deanne Stewart, said if our COVID recovery is focused solely on getting back to where we were 12 months ago, it would be a wasted opportunity: “Before COVID-19 our economy was stagnant, our labour force was casualising in the gig economy and inflation was stubbornly stalled below the Reserve Bank’s target range.

“At the same time the cost of living for Australians continued to swell, driven by factors such as energy prices and the housing market. We don’t want to return to that – we need to reshape the Australian dream.

“This is our chance to tackle, head-on, the most significant challenges on our horizon and build back better as a nation.”

Ms. Stewart added: “Our work with Dr. Huntley highlights the opportunity that climate solutions offer for our nation in fostering employment, driving new prosperous industries, and delivering cleaner, cheaper energy that will directly and positively impact Australians’ hip pockets.

“Importantly, Building Back Better also illustrates the critical link between climate change, our health and our communities. This must be factored into how we understand the impact of climate change on communities right across Australia.”

The report highlights the significant work of Australian businesses, communities, local and state governments, and individuals on climate solutions and net zero initiatives and the results they drive. By strengthening our country’s climate targets and policies, in line with net zero emissions by 2050, Australia could create $63 billion in fresh investment opportunities^[2] and could reduce the average annual electricity bill for households by at least $550 a year.^[3]

Research also shows that climate change and severe weather events may cost us more than $19 billion by 2030 from loss of jobs and agriculture^[4] . By 2050, it could cost us 310,000 jobs annually and reduce our economic growth by 3.6% per year; by 2070, that is a $3.4 trillion economic loss^[5] .

Dr. Huntley called on the Federal Government to move the climate conversation forward with meaningful action: “We are hearing positive talk about climate solutions from our Government, but this is yet to translate to action. It is costing taxpayers dearly, and the longer we stand still, the more it will cost us in the future.

“Many Australians already have solar panels on their roofs – they see the benefit to their own hip pockets and the environment. Many private businesses have called for a price on carbon or are investing in renewable innovation or reskilling workers to enter greener industries. There is strength in numbers, and what we need now is for Government to come to the party.”

Ms. Stewart added: “As the country’s second largest super fund, we have the power to significantly impact the future of not only our 1.1 million members but of the wider community through the sustainable investment decisions we make every day. Through investments in infrastructure, a transition to alternative energy sources, and affordable housing, all critical themes identified in our report, we can help jump start our economy post-pandemic.

“Capitalising on climate action is the logical next phase for Australia’s growth. It’s not about activism; it simply makes smart business sense.”

Read the report.

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[1] https://aware.com.au/campaigns/build-back-better
[2] Investor Group on Climate Change
[3] Energy Security Council
[4] Climate Council Report
[5] Deloitte, A new choice – Australia’s climate for growth

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