I certainly see it as being part of our interests and many countries over 100 have agreed to net zero. We’re making progress and we haven’t made any formal decisions, but today’s speech is about the changes that are occurring in financial markets as a result of climate change.
Whether it has been the industrial revolution or the digital age, financial markets have always factored in these structural shifts and climate change is no different and this is having an impact on Australia because we are so heavily reliant on foreign investment.
Whether it is direct foreign investment worth $4 trillion today or whether it is our domestic banks that get about 20% of their funding from overseas or indeed whether it is our government bonds, about half of which are bought by foreign investors, and I want to make sure that Australia, on the one hand, is not disadvantaged by this structural shift in financial markets and on the other hand can take advantage of it by getting new investments in renewal energy and other sustainable initiatives.