The Climate Change Authority have released a report on an economic stimulus package in response to the economic impacts of COVID-19.
Economic Recovery, Resilience & Prosperity after the Coronavirus notes that stimulus measures could build Australia’s resilience to the economic impacts of a changing climate and position Australia to take advantage of our abundant clean energy resources and emerging low-emissions technologies. It presents this opportunity as a ‘triple-win’ of economic recovery, resilience and prosperity in a low-emissions world.
The report identifies six areas for stimulus opportunities, one of which is ‘Boosting Jobs and Reducing Costs with Energy Productivity.’ It highlights the potential for investment in energy efficiency to deliver up to $20 billion in financial savings by 2030 and create an additional 120,000 jobs.
Key recommendations and observations that align with ASBEC priorities include:
- Pursuing energy efficiency improvements to create additional jobs, drive down energy costs and emissions and improve health, productivity and resilience outcomes.
- Using tax incentives such as an extended instant asset write-off scheme or providing accelerated depreciation for energy efficiency upgrades.
- Supporting household energy efficiency particularly for vulnerable households.
- Using financial incentives to drive accelerated uptake of energy efficiency in existing buildings.
- Undertaking targeted retrofits and introducing energy efficiency standards for public housing.
- Pursuing energy efficiency improvements in government owned and leased buildings (for example, hospitals, universities, galleries and government office buildings).
More information here