Investors call for Australia to close coal power by 2030

Commenting on the announcement made today by 415 global investors representing over USD $32 trillion in assets which calls for coal phase out by 2030, Daniel Gocher, Director of Climate & Environment at the Australasian Centre for Corporate Responsibility (ACCR) said:

“Today’s announcement by 415 global investors which has called for the Australian government to facilitate a phase out of coal-fired power by 2030, is welcome and urgent, given the IPCC’s recent warning that urgent and drastic action must be taken to reduce emissions in order to avoid the worst impacts of climate change.

“Today’s announcement is both a commitment by investors USD $32 trillion in assets as well as a signal to ASX companies, Australian politicians and the coal lobby about how capital will be allocated; that is, away from coal.

“ACCR will be holding the 23 Australian investors to account for the commitment they have made today and working with coal affected communities to fight for a just transition away from coal, ensuring that their livelihoods are considered.

“While the call from the investors for governments to meet their Paris Agreement commitments  is a step in the right direction, this is not enough if we are going to avoid the impacts of catastrophic climate change. Investors must ensure that ASX listed companies take urgent, necessary action to reduce emissions, and stop lobbying against effective climate policies.

“According to the IPCC, globally we must reduce emissions by 45% (on 2010 levels) by 2030, which is distinctly more ambitious than Australia’s current and shameful national commitment of 26-28%.

“The IPCC report has showed us that we still have a chance to limit warming to 1.5°C and the urgent action governments, companies and investors must take to make this happen. Ignoring these warnings, inaction  and peddling lies that climate change is not real will cost us this planet.

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Media contact: Dan Gocher +61 410 550 337