Even the banks are saying we need climate action

Wednesday, 4 April 2018: The final myth standing in the way of climate action has been busted thanks to research released this morning by one of New Zealand’s largest banks showing inaction on climate change will cost the country billions.

This morning, Westpac released new research showing that taking faster action on climate change could save New Zealand $30 billion by 2050.

Greenpeace Executive Director, Dr Russel Norman, says the research finally puts the argument that taking climate action could hurt the economy to bed.

"This research by Westpac clearly shows that taking fast action on climate change will save us tens of billions of dollars," he says.

"Anyone in a leadership position perpetuating the myth that we can’t both deal with the urgent issue of climate change and have a healthy economy doesn’t have a leg to stand on.

"Right now we need to be backing the clean energy industries that are growing at an exponential rate, and welcoming the transformational economic opportunities that shifting to a low-carbon society can bring.

"Of course, we must make this transition in a way that fairly distributes the costs and benefits across the economy, and the communities and families that will be most affected by the changes.

"Jacinda Ardern has called climate change her generation’s nuclear free moment. Westpac’s latest research shows that taking climate action is also a huge moment of opportunity for the New Zealand economy. We hope to see the Prime Minister back up her bold words with swift action to end further investment in fossil fuels like oil and gas, and instead invest in a clean energy economy."

ENDS

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