National Seniors Australia believes the Federal Government should open up the Snowy Hydro 2.0 scheme to seniors and mum and dad investors looking for stable government-backed returns.
That’s a key priority of National Seniors’ Federal Budget submission, which calls on the government to issue Snowy Hydro 2.0 Green Bonds and open up nation building opportunities for older Australians.
Snowy Hydro 2.0 is a significant infrastructure project to enhance and extend the energy generation capacity of the existing Snowy Hydro scheme.
It will use a series of pipes to pump water back up the mountain to supply energy to the grid.
The project will fill some of the growing need for energy storage required to meet demand in peak times. Initial estimates show a healthy investment return of 8%
National Seniors believes the Snowy Hydro 2.0 project provides an exciting opportunity to help stabilise energy prices and support environmental sustainability for future generations.
Most of all, the green bonds would help fill an investment gap for seniors who are forced to rely on the share market to generate income above the inflation rate.
National Seniors research shows that the average 80-year-old does not want to play the stock market, has little or no superannuation and seeks security in bank deposits, partly because they are backed by a government guarantee.
The green bonds would be backed by government and could potentially offer a higher return on investment than a bank deposit.
Many older Australians want to make a contribution to future generations, and ensure the environment is protected and improved for their children and grandchildren.
In the National Seniors Social Survey, 74.3% of respondents believe that climate change is occurring while 58.6% want action, event if it increases living costs.