A significant proportion of Australian businesses are ready to face up to the task of a managed fossil fuel phase-out, the latest survey by the Carbon Market Institute of business attitudes to climate change shows.

To be released today, the survey found that more than two-thirds of respondents (71 per cent) want a managed phase-out of fossil fuels by no later than 2040, involving “careful management to support affected workers and ensure continuity in Australia’s trading relationships”.