Green investors call out Abbott - Warburton review is crap

Investors (you know, those people who we're supposed to be "open for business for") in Green energy are saying they will have no choice but to invest overseas instead of Australia now. The group representing these investors is the Investor Group on Climate Change (IGCC), who themselves represent $1trillion worth of superannuation funds. They have called Abbott's Warburton climate review basically a load of shit and for Abbott to ignore it:

IGCC chief executive Nathan Fabian on Tuesday said a pivotal assumption of the Warburton review panel was wrong. 

“The assumption in the review that moneys not invested in renewable energy will simply be reinvested in other parts of the Australian economy are not right,” Mr Fabian said. 

“Investors know they need low-carbon assets in their portfolios and they’re looking for the markets that provide the safest returns, so if you disrupt policies that provide sound investment signals, then that money is going to go to other (geographical) markets,” he said. 

Major institutional investors who have built new funds, worth hundreds of millions of dollars, to direct toward low-carbon assets are reassessing whether to invest in Australia or send to European, US or Asian markets with stable investment frameworks in place. 

“It’s the unexpected change to the long-term framework that will cause investment losses. That’s the thing that’s really got our people agitated,” Mr Fabian said. 

The International Energy Agency says global investment in renewable energy needs to surge to about $1 trillion a year, against about $230 billion currently, if the world is to have a 50 per cent chance of holding global warming to 2 degrees Celsius, seen as the guardrail to prevent runaway warming. more