Green drive must step up a gear

Summaries - Australian Financial Review
Wednesday 22/4/2009 Page: 63

With the world's low carbon and environmental goods and services industry worth over $6 trillion, the United Nations have began a project known as the Global Green New Deal. South Korea has committed 81% of its stimulus package to green initiatives, the European Union has devoted 59% and China, 38% .

Leaders in the United States have proposed an emissions trading scheme with a 2020 reduction that is more stringent than Australia's, allowing them to gain some credibility in time for the UN Copenhagen conference. Australia's $1.3 billion Green Car Innovation Fund is part of its contributions towards energy efficiency, while $1.2 billion has gone to the Australian Rail Track Corporation to improve rail freight and intercity passenger rail.

CSIRO research says that between 2.5 million and 3.3 million jobs could be created over the next 20 years in Australia from 'greening' the economy. (Peter Newman is professor of sustainability at Curtin University, Mike Young is director of the University of Adelaide's Environment Institute and Fiona Wain is the chief executive of Environment Business Australia).