Australia needs large-scale renewable energy production and storage to reduce carbon emissions.
This infrastructure is slowly coming to life with many projects, like Snowy Hydro 2.0, being built over the next few years. Many are financed by government through the Australian Renewable Energy Agency (ARENA) and the Clean Energy Finance Corporation (CEFC) and require significant investment to bring them to life.
A recent survey of older Australians undertaken by National Seniors shows that 85% believe that climate change is occurring, and three quarters of them want action on climate change – even if it comes at a cost.
The research also found that 60% of older Australians have invested in one or more type of renewable energy (e.g. rooftop solar, solar hot-water renewable projects etc.).
Interestingly, a significant majority have chosen to invest in rooftop solar - eight times more than the number of older Australian investing directly in renewable energy projects.
Investing in renewable energy isn’t just about the existential threat of climate change. Older Australians also need investments to help them meet their day-to-day living costs.
The need to sustain retirement income, combined with the desire to act on climate change, provides a real opportunity to supercharge the renewable energy sector in Australia.
- Investment in large-scale renewable energy storage will help stabilise the electricity network, keeping electricity prices low.
- Investment in large-scale renewable energy projects, such a Snowy Hydro 2.0, will help Australia reduce its carbon emissions and address the challenges posed by climate change.
- Older Australians will have access to another safe and simple option to invest some of their savings, one that delivers meaningful environmental and economic benefit.
National Seniors Australia is calling for Clean Energy Bonds to give older Australians the opportunity to safely invest in renewable energy production and storage capacity.
How it would work:
- The Federal Government would create a Better Future Fund to invest in environmentally friendly investments through the Future Fund.
- The Better Future Fund would pay a dividend to the Federal Government to pay for renewable energy infrastructure projects as well as a modest return to investors.
- To invest in the fund older Australians would purchase Clean Energy Bonds through Australia Post.
- Bonds would be available to any Australian citizen over Age Pension eligibility age, including self funded retirees.
- Bonds would be sold in lots of $5,000 to allow those with limited savings the opportunity to participate.
- Participants would be able to purchase bonds up to a maximum value (approx. $50,000 per person).
- A range of maturity options could be offered to investors with different rates of return.
- Bond holders would be paid fortnightly or monthly through Centrelink.
If you want to help make this a reality, join our campaign and share this page with your friends on social media.