Don't axe the Clean Energy Finance Corporation.
This petition had 227 supporters
I'll start with a quote from the World Bank
""Climate change is a fundamental threat to sustainable economic development and the fight against poverty. The World Bank is concerned that without bold action now, the warming planet threatens to put prosperity out of reach of millions and roll back decades of development."
Australia needs to work with the rest of the world to reduce carbon emissions in order to avoid the worst effects of Climate Change. The Clean Energy Finance Corporation (CEFC) is important for achieving these aims. The CEFC is profitable and the World Bank is recommending urgent, bold action on Climate Change stating that rapid reductions in carbon emissions are needed in the next decade to avoid the worst effects of Climate Change, which in their own words "threatens to put prosperity out of reach of millions and roll back decades of development."
Investments from the CEFC have only been running since July, and they have led to $1.6 billion in private sector investment through co-financing schemes.
"Our investments are looking at returning on average around 5.8 per cent and cost of government funds is around 2.8 per cent so we're running quite successfully," the corporation's chief executive Oliver Yates said.
What follows is a quote from the World Bank which outlines a number of reasons why it is important not to axe the Clean Energy Finance Corporation or other clean energy promoting institutions and policies.
"Climate change is a fundamental threat to sustainable economic development and the fight against poverty. The World Bank is concerned that without bold action now, the warming planet threatens to put prosperity out of reach of millions and roll back decades of development.
"The science is unequivocal that humans are the cause of global warming, and major changes are already being observed. Current global mean temperature is about .8° C above pre industrial levels. The twelve years from 2001 to 2012 rank among the warmest since record keeping began 133 years ago. The frequency, intensity and duration of extreme weather-related events have increased.
Recent experience is a stark reminder that no country – rich or poor – is immune from the impacts of climate-related disasters today.
Turn Down the Heat, a snapshot of the latest climate science prepared for the Word Bank by the Potsdam Institute in Germany, says we are on a path to a 4°C (7.2°F) warmer world by the end of this century under current greenhouse gas emissions pledges. The report provides a clear picture of the devastating impacts on agriculture, water resources, ecosystems, and human health. While every region will be affected, those least able to adapt - the poor and most vulnerable - would be hit hardest.
The World Bank believes a 4°C warmer world can, and must be avoided – Immediate global action is needed to slow the growth in greenhouse gas emissions this decade and help countries prepare for a 2°C warmer world and adapt to changes that are already locked in."
And a word from the CEO of the Clean Energy Finance Corporation
"We're here to actually help the economy move from a high-carbon economy to a lower-carbon economy as efficiently as possible," the corporation's chief executive Oliver Yates said.
Greg Hunt, we implore you to reconsider axing this important institution.
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