The country’s biggest lender, Commonwealth Bank of Australia, says the transition to a net zero economy will be of a similar scale to the most recent mining boom, requiring up to $3 trillion in investment to 2050.
“Our estimate is Australia’s transition to a net zero emissions economy will require $2.5 trillion to $3 trillion of investment to 2050. While ambitious, this is similar in scale to the investment in Australia’s mining boom from 2005 to 2015,” CBA chief executive Matt Comyn said.
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Ayesha de Kretser is a senior reporter with The Australian Financial Review covering the aviation and tourism sectors. She has previously reported on banking, mining and commodity markets. Connect with Ayesha on Twitter. Email Ayesha at ayesha.dekretser@afr.com.au
James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
