Wednesday, 16 June 2010

Australia should adopt UK-style green bank says James Cameron

The UK's proposed green investment bank offers an excellent model for other nations to follow, including Australia, as they look for ways to mobilise capital at the pace and scale needed to win the fight against climate change, according to Climate Change Capital vice-chairman James Cameron.

"I can abstract this very simply," Cameron told CE Daily.

"We have to have institutions that focus on the long-term transformation, that escape the political cycle and the financial cycle and represent the interests of the public in deploying the amount of capital required to make that transformation.

"And we have to accept that the market failure is real and isn't going to be fixed by wishful thinking."  ......

Cameron said events in Australia in the wake of December's UN climate talks reflected a "completely false interpretation of the meaning of the Copenhagen Accord".

The Copenhagen outcome, while not ideal, constituted a commitment to a "pledge and review" system in which many countries had undertaken to implement specified domestic action, and was not an excuse for inaction, he said.

"On the contrary [you] do the best you can in your own location and you try and stimulate others to do likewise."

"There is no excuse for holding off," he said. "You are just wasting time, everybody knows that."

"Postponement is simply irrational."

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