The majority voted against a motion calling for the Government to consider the benefits of a fast transition for the economy to zero or low emissions, which means the motion failed.
That the Senate:
(a) notes that a statement from a group of the world’s largest investors, representing US$15 trillion:
(i) calls for domestic and international policies to ‘unlock the vast benefits of low-carbon markets and avoid economic devastation caused by climate change’,
(ii) cites potentially 20 per cent losses to gross domestic product by 2050 if climate change goes unabated,
(iii) notes the benefits of both a carbon price and regulation in driving investment into renewable energy and other clean technologies, and
(iv) calls for emissions targets, strong and sustained price signals, energy and transportation policies, the phase out of fossil fuel subsidies, adaptation measures and corporate disclosure of climate risk to be implemented;
(b) applauds the moves by elements of Australian business to embrace the opportunities provided by ambitious climate action; and
(c) calls on the Government to consider the increasing benefits of swiftly transforming the economy for low to zero emissions.