Australia’s commitment to climate change action has eased investors’ concerns.To achieve its legislated goal, the Labor government has made accelerating renewable energy generation a central focus of its policy agenda. It has set an aggressive target of having zero-emission sources make upLabor has set aside a $20 billion fund to accelerate the rollout of electricity transmission, critical if Australia is to meet its lofty goal.
The mechanism, established under the former Coalition government in 2016, covers industrial facilities that generate more than 100,000 tonnes of greenhouse gases a year, such as coal mine sites, gas plants, aluminium smelters and cement producers. The Net Zero Momentum Tracker study said 23 companies have adopted the target in the last six months, a rise of 44 per cent from the previous six months.The 23 companies, which include Origin Energy, Qantas, and Fortescue, come from a range of different industries,AGL Energy, are coming under increasing shareholder pressure to do so.