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Acting locally on CO2 make financial sense

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Paul Raftery's picture
Executive Director, Projects RH

Paul worked for Shell Group in Australia (Assistant Treasurer) and with Shell Coal and Power International (Group Treasurer). He was the team member on the financing of Callide C (840 MW) an...

  • Member since 2021
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  • Sep 1, 2021
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Australian businesses have long recognised many of our exports are energy intensive and has been urging government to put into place a carbon abatement regime. Successive governments have failed to listen. It is now clear that the European Union’s Carbon Border Adjustment Mechanism (CBAM) is not something for the deep future but now starting in 2023.

The second factor to consider is that large international investment funds which are critical investors in the Australian capital market not only see the need for Australia to be carbon neutral in 2050 but they are looking to their investments in advanced economies such as Australia to reflect what they see as a sustainable global position.

What Australia needs to see is both its markets for value-added production and its investors are looking to long-term strategic positions. Versions of the CBAM are coming to many advanced economies and investments driven by parties who need their investments de-risked.

The reality is investors see carbon risk as manageable but Canberra is deny the private sector regime to do this.

The Australian Government needs to listen to Australian business and the world.

Do we any other option than a national carbon abatement mechanism?

Paul Raftery

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