'Policy chaos': $5 trillion investor group hits out at Coalition's climate U-turn
A group representing some of the country's biggest investors including AustralianSuper, AMP and Macquarie has criticised Peter Dutton's shift on climate.
A major climate investment group overseeing $5 trillion in Australian assets has warned the Coalition's pledge to abandon climate targets will undermine investor confidence in the energy sector, which is only just beginning to recover after years of policy uncertainty.
Opposition leader Peter Dutton over the weekend announced the Coalition would scrap Labor’s mid-term target to cut emissions by 43% by 2030 — a move that was swiftly criticised by its political opponents including 'teal' MPs, but also big business groups, including the Business Council and even the Australian Energy Council.
Erwin Jackson, the managing director of policy at the Investor Group on Climate Change (IGCC), a group representing some of the country's biggest investment firms including AustralianSuper, Macquarie Group and AMP, also criticised the announcement.
"Investor confidence is only now starting to recover from decades of climate policy chaos," Jackson told Capital Brief.
