In an open letter to Prime Minister Tony Abbott published in the Australian Financial Review, the Investor Group on Climate Change argued that the savings of more than 10 million Australians are invested in a “clean energy future”.
“The health of our economy is vitally dependent on investor confidence in government and the stability of its policies,” the letter said.
“For years we’re been investing the savings of Australians in projects on the basis of bipartisan support for boosting renewable energy,” it said.
“This is now at risk. Our investments, together with skilled industries and jobs that the Renewable Energy Target is creating, are at risk due to the uncertainty of your government’s commitment to the legislated 41,000 giga-watt-hour target.”
Australia ought to be growing renewable energy rather than “stepping back” from its international commitments, said the letter.
“Investors need predictable long-term policies to be confident to make investments in the energy sources of the future,” it said.
“This environment requires bipartisanship on the need for more renewable energy, not less. We encourage you not to change that now,” said the letter.
The Investor Group on Climate Change includes AustralianSuper, BT Financial Group, AMP Capital Investors, Colonial First State Global Asset Managers and Cbus among its members.
