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Beyond Zero Emissions says Climate Change Bill will boost Australian economy
The Climate Change Bill and a net zero emissions target for 2050 would provide certainty to the private sector and unlock investment opportunities across all sectors of the economy, says Beyond Zero Emissions.
Beyond Zero Emissions submitted the Million Jobs Plan to the House Standing Committee on the Environment and Energy on Thursday, a report that demonstrates how a zero emissions renewables-led recovery could create 1.8 million Australian jobs in key sectors such as manufacturing, buildings, energy and transport.
The submission included independent economic analysis by Chris Murphy (ANU) that highlighted further economic benefits including a $25 billion boost in private investment, a 1-2% boost to GDP and a 2% increase in real after-tax wages.
Chair of Beyond Zero Emissions, Eytan Lenko said, “Our Million Jobs Plan shows we could create nearly one million jobs in the buildings sector alone, by retrofitting existing housing stock and building new zero-emissions social housing. The presence of a net zero target and national adoption plans as outlined in the Bill would be a strong incentive for private investment.
“Clean manufacturing industries, such as green steel and aluminium, renewable hydrogen, electrifying industry and mining, and new energy metals would create over 200,000 jobs. Based on engagements with over 200 investors, business leaders, industry groups and communities, we know that a net zero target by 2050 could catalyse a sector wide transformation.
“We know developers are seeking clear policies to unlock billions of dollars of investment in renewable energy. Locking in net zero by 2050 could catalyse a wave of investment in major billion-dollar projects such as the 2GW offshore wind project Star of the South and the 4GW energy hub Walcha Energy.
“These projects, and many others like them, are achievable now and as the modelling shows, leverage substantial private investment.”
Opportunities with a net zero 2050 target:
Climate Change Authority - Economic Modelling
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