Jobs and the retirement savings of workers are at risk if Australia goes too slow on responding to climate change, top investors warn.
A group of funds in charge of the superannuation savings of 14.8 million workers launched a campaign on Wednesday to pressure governments to stay the course on reducing carbon emissions.
The Investor Group on Climate Change (IGCC) has enlisted the support of ordinary Australians to push for what it describes as a "faster, fair and well-planned rollout" of clean energy technologies.
The "climate action pays off" push also tells households they have skills that can be transferred into new jobs and the best energy resources in the world for cutting power bills.
Starring in the campaign, former Holden worker Chris says in a video he was "never a greenie, I was a revhead who built V8s."
"Now I've gone from building fast cars to building solar farms at speed," the shift supervisor at solar manufacturer 5B said.
Fifth-generation NSW farmer Sophie said she has cut power bills by nearly 70 per cent since installing solar panels and a battery.
"With renewable energy, there's hope and opportunity to keep small towns like mine alive and thriving," she said.
Manufacturing supervisor Nathan at Energy Renaissance in the Hunter region of NSW is operating the nation's first lithium-ion battery gigafactory, where most of the parts are sourced locally.
Farmer turned engineering manager Trent declares he "was never really an advocate for climate change. Then I lived through it in the horrendous summer of 2019."
The national campaign comes with federal Labor trailing the coalition, according to the latest opinion polls.
Labor also faces defeat in Queensland where the LNP says the plan to end coal-fired power by the early 2030s is "fanciful".
The investor group's chief executive Rebecca Mikula-Wright said a strong 2035 emissions reduction target would give investors the certainty they need to keep investing here.
Or Australia "risks further economic pain through a lack of investment and climate costs", she warned.
A 2035 target of up to 75 per cent off the emissions levels of 2005 would be feasible, the national Climate Change Authority has said.
But that has been rejected as "unaffordable" by opposition leader Peter Dutton.
The investor group says Australia can create more jobs, lower the cost of living and future-proof the economy for workers and retirees.
Ausbil Investment Management CEO Mark Knight is among those calling for the federal government to stay the course on net zero and set a strong 2035 emissions reduction target.
"Climate change is a significant threat to our economy so an effective policy framework is crucial," he said.
Health fund HESTA's chief investment officer Sonya Sawtell-Rickson said climate change was a "significant, direct, and immediate financial risk" that could not be avoided.
But opportunities arising from the global energy transition could also deliver strong, long-term returns, she said.
