Business begins to face up to fossil fuel phase-out

A significant proportion of Australian businesses are ready to face up to the task of a managed fossil fuel phase-out, the latest survey by the Carbon Market Institute of business attitudes to climate change shows.

Clearly, although there are significant challenges that must be navigated and the abatement potential of carbon capture and storage is still to be determined, a wide range of businesses recognise they will need help and guidance to navigate themselves – and their customers – to a non-fossil future.

Skills, education and capacity building will also be an important complement to this transition, and in relation to the carbon market, the new survey makes it clear that businesses want more clarity on the role that carbon credits should play in the transition. This year, more than a third did support stronger than 70 per cent reductions, an increase from 29 per cent last year.

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