Finance Strategy Consultation Paper
The Law Council of Australia provides a submission to the Treasury in response to its Sustainable Finance Strategy Consultation Paper, released in November 2023.
The Law Council broadly welcomes the Australian Government’s proposal for an Australian Sustainable Finance Strategy, and the 12 Priorities identified in the Treasury’s Consultation Paper.
It supports the adoption of a ‘climate first’ approach, whereby the Strategy would start with a climate-related focus in the short to medium term, before it is expanded to incorporate broader sustainability considerations.
Large-scale investment of capital in sustainable products, technologies and industries is critical to the transition to net zero. It is also crucial that Australia remains aligned and competitive with global practices and the emerging ways in which businesses, investors and governments across the world are responding rapidly to the unprecedented global emergency of climate change.
The Law Council commends the Australian Government’s express recognition that ‘there is a critical role for Government leadership’ in supporting the systemic shifts in markets, industries and technologies that will be necessary to underpin a prosperous net zero emissions future, and in providing greater long-term certainty to business on climate change policy.1
1 Australian Government, The Treasury, Sustainable Finance Strategy Consultation Paper (November 2023) 5 (‘Consultation Paper’).
Read full submission below.