An important step towards cleaner industries, innovation and growth for Australia
GE has welcomed the passing of the Clean Energy Future legislation through the lower house, saying that it presents significant opportunities for Australian businesses and the economy.
"The decision is an important step for Australia to transition to a low carbon future. Putting a price on carbon combined with a well-designed mix of policies with a few broad, complementary measures such as the Renewable Energy Target, will secure Australia's economic prosperity and encourage technology innovation in a carbon constrained future," said Steve Sargent, President and CEO of GE in Australia and New Zealand.
"Businesses across the country will now have the certainty with which to make decisions that minimise the risks and maximise the opportunities presented by climate change. We have managed our business since 2005 under a carbon price and have seen tremendous benefits. Between 2005 and 2010, we've reduced our own carbon emissions by 24%, achieved cost savings of $130 million and revenue growth from lower carbon products and services of $85 billion.
"Today's decision is a significant step to ensure Australia moves ahead with our leading trading partners. It is a fantastic opportunity for Australian businesses to demonstrate entrepreneurial spirit and leadership to help progress Australia's transformation to become a low carbon economy.
"We will continue to work with our customers, partners and governments to help chart a successful clean energy future for Australia."
GE, an employer of around 6000 Australians, has already committed to invest US$10 billion from 2010-15 in renewable energy and clean-technology research and development around the world -- doubling its ecomagination target of US$5 billion from 2005-10 -- with $1.8 billion invested in 2010. Separately, GE Energy Financial Services invested US$6 billion in renewable energy projects in 2010.
Cleaning Up -- Australia's readiness for a low-carbon economy
A report by the Economist Intelligence Unit
The report surveys more than 100 Australian businesses execs about their attitudes towards climate change and how this is likely to impact their business strategy. It examines how ready businesses are for the transition to a low-carbon economy, and the drivers, barriers and opportunities they see within that transition.
http://digitalresearch.eiu.com/cleaningup/
Protecting Prosperity
A report by Vivid Economics and Norton Rose
The report examines the relationship between reducing carbon emissions and maintaining economic growth and prosperity. It uses international examples to conclude that it is possible to do both, and that Australia is lagging behind our trading partners to do this.
http://www.ge.com/au/protectingprosperity/
Joanne Woo
Corporate Communications Director, Australia & New Zealand
[email protected]
+61 409 330 731