Briefing for new IGCC report: 'Empowering communities: How investors can support an equitable transition to net zero'
The Melbourne Sustainable Society Institute held a small group briefing in collaboration with the Investor Group on Climate Change to discuss the findings of their new report, Empowering Communities: How investors can support an equitable transition to net zero.
The net zero emissions transition is inevitable and represents a huge opportunity to create new jobs and boost economic growth. But governments, companies, investors, and all other stakeholders must act to minimise hardship for affected workers in fossil fuel sectors and communities where jobs will be lost, and ensure they are not left behind.
The new report published by IGCC details the opportunities and challenges for investors in helping ensure a just transition for those communities that are currently economically tied to fossil fuel industries. It assesses the current state of play across energy markets and the prospects for the fossil fuel sector under different climate scenarios, including orderly and delayed transition pathways. This informs specific Australian community analysis to uncover the potential social impacts of the inevitable shift to net zero, identifying both challenges and opportunities, and articulating tangible actions investors can take to support a just transition.
The report also emphasises failing to take meaningful action on climate change is anticipated to pose greater economic, social and environmental costs than the investment required to achieve net zero carbon emissions by 2050.